TD to Buy First Horizon in a $13.4 Billion U.S. Expansion (2)

Toronto-Dominion Bank agreed to buy First Horizon Corp. for $13.4 billion, putting its massive capital stockpile to use for its largest deal ever and expanding its presence in the U.S. Southeast.

The Canadian bank will pay $25 a share in cash for Memphis, Tennessee-based First Horizon, according to a statement Monday. The purchase price is about 37% higher than First Horizon’s closing price Friday.

Bharat Masrani

Photographer: Galit Rodan/Bloomberg

The deal, which continues the bank’s pattern of growing in the U.S. through acquisitions, would be Toronto-Dominion’s largest takeover ever and Chief Executive Officer Bharat Masrani’s boldest move since taking the reins in 2014. ...