TD Bank buying First Horizon for $13.4 billion
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.