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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.

TD Bank buying First Horizon for $13.4 billion

The Canadian bank would become one of the top six U.S. banks.

Illustration of an atm machine surrounded by a growing pile of money.  

Wall Street

Toronto-Dominion Bank on Monday announced that it&#x27;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.

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

TD Bank buying First Horizon for $13.4 billion

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