Feb 28, 2022 - Economy & Business

TD Bank buying First Horizon for $13.4 billion

Illustration of an atm machine surrounded by a growing pile of money. 
Illustration: Aïda Amer/Axios

Toronto-Dominion Bank on Monday announced that it's agreed to buy Memphis-based First Horizon for $13.4 billion in cash.

Why it matters: This would make TD the sixth largest U.S. bank in terms of assets, and significantly expands its footprint into the Southeast.

Details: TD will pay $25 per share for First Horizon, representing a 37% premium over Friday's closing share price, with an expected close by late November.

The bottom line: TD has a long history of growth via acquisition, but this is easily its largest deal to date.

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