Toronto Dominion to Acquire First Horizon in a $13.4 Billion Deal

Toronto Dominion to Acquire First Horizon in a $13.4 Billion Deal

Toronto Dominion Bank has agreed to buy out First Horizon Corp in a $13.4 billion deal, the largest ever. The Canadian Bank uses its massive stockpile of capital for the acquisition that will expand its presence in the U.S. Southeast.

As per Bloomberg News, TD will pay $25 per share in cash for First Horizon. The Tennessee-based First horizon purchase price was 37% higher than its closing price on Friday.

This deal is part of TD Bank’s growth pattern in the U.S through acquisitions and the largest takeover and boldest move by CEO Bharat Masrani since he took over in 2014. Masrani had been saying since the past one year that the lender would put extra capital in a significant U.S. deal if the right opportunity came along.

First Horizon has 412 branches across 12 states in the U.S. and 1.1 million-plus retail and corporate customers. It has leading positions in Louisiana and Tennessee, a significant presence in Carolinas, Virginia, and Florida.

The move would give a footprint to TD beyond East Coast and provide extra mileage in markets like Florida. This deal will catapult Toronto Dominion Bank into the U.S. top six banks with $414 billion assets.

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