TD to expand in the southeastern U.S. with acquisition of First Horizon
Torys is acting as counsel to TD with a team that includes Karrin Powys-Lybbe, Leah Frank and Nick Tomazos (corporate/M&A and securities), Blair Keefe, Eli Monas, Christine Vogelesang and Christina MacKinnon (regulatory), Jerald Wortsman and Andrew Silverman (tax) and Jennifer Lennon (executive compensation).
On February 28, 2022, TD Bank Group ("TD") and First Horizon Corporation ("First Horizon") announced that they 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.
With assets of US$89 billion as of December 31, 2021, First Horizon operates 412 branches and serves over 1.1 million consumer, business and commercial customers across 12 states, including leadership positions in Tennessee and Louisiana, additional density in Florida, the Carolinas and Virginia, and important footholds in the attractive Atlanta, Georgia, and Dallas and Houston, Texas markets. Excluding merger adjustments, the acquisition is poised to position TD's U.S. franchise as a top 6 U.S. bank, with approximately US$614 billion in assets and a network of 1,560 stores, serving over 10.7 million U.S. customers across 22 states.
The transaction is expected to close in the first quarter of TD's 2023 fiscal year, subject to customary closing conditions, including approvals from First Horizon's shareholders and U.S. and Canadian regulatory authorities.
Further information can be found on PR Newswire’s website.
The Toronto-Dominion Bank and its subsidiaries, collectively known as TD Bank Group, is the fifth largest bank in North America by assets and serves more than 26 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; and Wholesale Banking, including TD Securities.