TD to Expand in the Southeastern U.S. - Accelerates U.S. growth strategy, creating top 6 U.S. bank with immediate presence and scale in fast growing TD-adjacent markets
- Creates important future growth opportunities through combination of First Horizon and TD capabilities and customer-centric business models
- Financially compelling; all-cash transaction leverages TD's strong capital position and liquidity; immediately accretive to adjusted EPS at closing
- TD committed to retaining client-facing bankers with no planned closures of First Horizon banking centers in connection with the transaction
- TD to expand upon First Horizon's investments in local communities
TORONTO, CHERRY HILL, N.J. and MEMPHIS, Tenn., Feb. 28, 2022 /CNW/ - TD Bank Group ("TD" or "the Bank") (TSX: TD) (NYSE: TD) and First Horizon Corporation ("First Horizon") (NYSE: FHN) today announced that they have signed a definitive agreement for TD to acquire First Horizon in an all-cash transaction valued at US$13.4 billion, or US$25.00 for each common share of First Horizon. Through this financially compelling transaction, TD accelerates its long-term growth strategy in the United States by acquiring a premier regional bank with an aligned culture and risk-management framework.
"First Horizon is a great bank and a terrific strategic fit for TD. It provides TD with immediate presence and scale in highly attractive adjacent markets in the U.S. with significant opportunity for future growth across the Southeast," said Bharat Masrani, Group President and Chief Executive Officer, TD. "Working with the First Horizon team, TD will build upon the success of its strong franchise and deliver the legendary customer experiences that differentiate us in every market across our footprint."