First Horizon approves sale to Toronto Dominion
First Horizon Corp. announced Tuesday it has received shareholder approval for the proposed $13.4 billion sale of the Memphis-based bank to the Toronto-Dominion Bank (“TD”).
The deal is expected to close by November and will give $25 for each First Horizon share. TD Bank Group expects to incur $1.3 billion in total merger, acquisition and integration costs in the first two years after the deal closes.
The TD Bank name is likely to begin appearing on First Horizon bank locations next year.
“Approval of the transaction demonstrates the confidence our shareholders have in the financial and strategic benefits of the transaction and the value it provides our associates, clients and communities,” First Horizon President and Chief Executive Officer Bryan Jordan said in a statement. “Following the completion of the transaction, the combined organization will have immediate scale benefits and be well positioned to create extraordinary value with a shared customer-centric strategy and broader client capabilities.”