TD Bank’s $13.4 Billion Acquisition of First Horizon

Simpson Thacher, working alongside Torys LLP, advised TD Bank Group on the deal.

TD Bank Group proposed its acquisition of First Horizon Corporation in an all-cash transaction valued at US$13.4 billion, or $25 for each common share of First Horizon.

On a pro forma basis excluding merger adjustments, TD’s U.S. franchise will be a top six U.S. bank, with approximately $614 billion in assets and a network of 1,560 stores, serving over 10.7 million U.S. customers across 22 states.

The transaction is expected to close in the first quarter of TD’s 2023 fiscal year, subject to customary closing conditions, including approvals from First Horizon’s shareholders and U.S. and Canadian regulatory authorities.

TD is the fifth largest bank in North America by assets and serves more than 26 million customers. TD also ranks among the world’s leading online financial services firms, with more than 15 million active online and mobile customers. TD had CDN$1.7 trillion in assets on October 31, 2021.

First Horizon, with $89.1 billion in assets as of December 31, 2021, is a leading regional financial services company. Headquartered in Memphis, Tennessee, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. 

The Simpson Thacher team included Lee Meyerson (Picture), Ravi Purushotham, Louis Argentieri and Julia Tory (M&A); Adam Cohen and Spencer Sloan (Bank Regulatory); Jeannine McSweeney, Joo Hyun Lee, Patricia Adams and Meredith Brenton (Executive Compensation and Employee Benefits); Benjamin Rippeon, William Smolinski and Andrew L. Mandelbaum (Tax); Lori Lesser, Melanie Jolson and Mark Natividad (IP); David Blass, Meredith Abrams and Daniel Levine (Broker-Dealer); and Peter Guryan and Richard Jamgochian (Antitrust).

The Torys’ team consisted of Karrin Powys-Lybbe, Leah Frank and Nick Tomazos (corporate/M&A and securities), Blair Keefe, Eli Monas, Christine Vogelesang and Christina MacKinnon (regulatory), Jerald Wortsman and Andrew Silverman (tax) and Jennifer Lennon (executive compensation).

Involved fees earner: Meredith Abrams – Simpson Thacher & Bartlett; Patricia Adams – Simpson Thacher & Bartlett; Louis Argentieri – Simpson Thacher & Bartlett; David Blass – Simpson Thacher & Bartlett; Meredith Brenton – Simpson Thacher & Bartlett; Adam Cohen – Simpson Thacher & Bartlett; Peter Guryan – Simpson Thacher & Bartlett; Richard Jamgochian – Simpson Thacher & Bartlett; Melanie Jolson – Simpson Thacher & Bartlett; Joo Hyun Lee – Simpson Thacher & Bartlett; Lori Lesser – Simpson Thacher & Bartlett; Daniel Levine – Simpson Thacher & Bartlett; Andrew Mandelbaum – Simpson Thacher & Bartlett; Jeannine McSweeney – Simpson Thacher & Bartlett; Lee Meyerson – Simpson Thacher & Bartlett; Carlino Mark Natividad – Simpson Thacher & Bartlett; Ravi Purushotham – Simpson Thacher & Bartlett; Benjamin Rippeon – Simpson Thacher & Bartlett; Spencer Sloan – Simpson Thacher & Bartlett; William Smolinski – Simpson Thacher & Bartlett; Julia Tory – Simpson Thacher & Bartlett; Leah Frank – Torys LLP; Blair Keefe – Torys LLP; Jennifer Lennon – Torys LLP; Christina Mackinnon – Torys LLP; Eli Monas – Torys LLP; Karrin Powys-Lybbe – Torys LLP; Andrew Silverman – Torys LLP; Nick Tomazos – Torys LLP; Christine Vogelesang – Torys LLP; Jerald Wortsman – Torys LLP;

Law Firms: Simpson Thacher & Bartlett; Torys LLP;

Clients: TD Bank;

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Author: Youness Semri