TD Bank to Buy First Horizon for $25/Share: M&A Snapshot (1)

(Updates to include share price move in the first paragraph.)

TD Bank Group to buy First Horizon for $25/share cash in a deal valued at $13.4 billion, companies say. First Horizon rallies 32% in premarket trading, while U.S.-listed shares of TD are down about 0.3%.

• Price represents premium of 37% to First Horizon’s close of Feb. 25
• TD sees deal immediately adding to adj. EPS at closing
• Bryan Jordan, president and CEO of First Horizon, will join TD as vice chair
• Deal seen closing 1Q of TD’s 2023 fiscal year
• TD sees about $610m pre-tax cost synergies; sees total ...