Toronto-Dominion Bank is close to a more than $1 billion deal to buy investment bank Cowen according to people familiar with the matter.

A deal valuing Cowen at around $39 a share could be unveiled as soon as Tuesday, assuming talks don’t fall apart, the people said. New York-based Cowen’s shares closed Monday at $35.49, giving it a market value of over $900 million, while TD Bank’s is well over $100 billion.