Monday, September 15, 2025

First Horizon Shares Jump 32% As TD Announces US$13.4 Billion All-Cash Acquisition Deal

TD Bank Group (TSX: TD) announced this morning the definitive agreement to acquire First Horizon Corporation (NYSE: FHN). The all-cash transaction is reportedly valued at US$13.4 billion.

The acquisition price equates to US$25.00 per First Horizon common share. While the US bank last traded at US$18.25, its shares jumped by more than 32% pre-market today–trading close to the acquisition price per share.

Source: CNBC

The company said the transaction price represents 9.8 times First Horizon’s estimated earnings in 2023 and 2.1 times its estimated book value. The latter’s market capitalization is estimated at 9.87 billion, as of this writing.

“First Horizon is a great bank and a terrific strategic fit for TD,” said TD Bank Group CEO Bharat Masrani. “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.”

First Horizon, headquartered in Tennessee, is the state’s largest bank. It is reported to have US$89 billion worth of assets as of December 31, 2021, and currently operates 412 branches across 11 US states in the southeast.

The TD Bank Group’s American subsidiary, TD Bank, holds its headquarters in New Jersey. It currently operates in fifteen US states, mostly on the east coast, and ranks 11th largest bank by assets in the country.

The acquisition is estimated to place TD Bank as a top 6 US bank with a total of US$614 billion in assets and a network of 1,560 retail locations across 22 states.

TD Bank CEO and TD Bank Group Head of US Retail Leo Salom is expected to lead the resulting combination of the two American financial corporations. Meanwhile, First Horizon CEO Bryan Jordan is expected to join TD Bank Group as vice chairman and TD Bank as the chairman of the board.

The transaction is expected to close on TD Bank Group’s fiscal Q1 2023, subject to customary closing conditions and the approval of First Horizon shareholders.

TD Bank Group last traded at $105.68 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

New Found Gold: The Strategic Maritime Resources Purchase

Amex Exploration: Revised Perron PEA Has INSANE Economics

Aris Mining: The Multi Billion Dollar Soto Norte PFS

Recommended

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

Related News

TD Bank Sees 8% Decline In Q3 2023 Net Income

In the third quarter of 2023, TD Bank Group (TSX: TD) witnessed a decline in...

Thursday, August 24, 2023, 09:25:04 AM

Toronto Dominion Bank Faces Potential $500-Million Class Action Suit

A class action lawsuit has been launched against TD Bank (TSX: TD), accusing the institution...

Tuesday, October 10, 2023, 12:53:00 PM

TD Bank Faces U.S. Growth Freeze Amid $4 Billion Money Laundering Scandal

TD Bank Group (TSX: TD) is grappling with regulatory restrictions in the United States that...

Thursday, October 10, 2024, 10:54:48 AM

TD Bank Agrees to Pay $1.2B to Settle Allen Stanford Ponzi Scheme Lawsuit

Toronto-Dominion Bank (TSX: TD), along with two other banks, agreed to settle a lawsuit stemming...

Monday, February 27, 2023, 03:04:00 PM

TD Bank To Sell 10.1% Interest In Charles Schwab, Spend C$8 Billion On Share Buyback Program

TD Bank Group (TSX: TD) is walking away from its investment in Charles Schwab (NYSE:...

Monday, February 10, 2025, 08:07:07 AM