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The Toronto-Dominion Bank (NYSE:TD, TSX:TD:CA) has been working for nearly a year to acquire First Horizon Corporation (FHN). The deal, valued at $13.4 billion, will add close to $1 billion annually to TD’s bottom line when
The Toronto-Dominion Bank: A Breakthrough For The First Horizon Deal
Summary
- The Toronto-Dominion Bank's First Horizon deal has been hanging in regulatory limbo for almost a year now.
- The Toronto-Dominion Bank has received approval from shareholders, but still needs approval from regulators.
- A few days ago, The Toronto-Dominion Bank's competitor Bank of Montreal got all the approvals needed to close its own deal with Bank of the West.
- This bodes well for The Toronto-Dominion Bank's First Horizon deal because it shows that regulators aren't hostile to Canadian banks buying out U.S. banks.
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