TD to Buy First Horizon in a $13.4 Billion U.S. Expansion
- Deal would make Toronto-Dominion among top six U.S. banks
- Acquisition would be the Canadian bank’s largest takeover ever
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Toronto-Dominion Bank agreed to buy First Horizon Corp. for $13.4 billion, putting its massive capital stockpile to use for its largest deal ever and expanding its presence in the U.S. Southeast.
The Canadian bank will pay $25 a share in cash for Memphis, Tennessee-based First Horizon, according to a statement Monday. The purchase price is about 37% higher than First Horizon’s closing price Friday.