M&A Deal Summary

TD Bank Acquires First Horizon

On February 28, 2022, TD Bank acquired financial services company First Horizon for 1.3B USD

Acquisition Highlights
  • This is TD Bank’s 8th transaction in the Financial Services sector.
  • This is TD Bank’s 3rd largest (disclosed) transaction.
  • This is TD Bank’s 7th transaction in the United States.
  • This is TD Bank’s 1st transaction in Tennessee.

M&A Deal Summary
Date 2022-02-28
Target First Horizon
Sector Financial Services
Buyer(s) TD Bank
Deal Type Add-on Acquisition
Deal Value 1.3B USD
Advisor(s) Morgan Stanley (Financial)
Sullivan & Cromwell (Legal)

Target

First Horizon

Memphis, Tennessee, United States
First Horizon is a regional financial services company, dedicated to helping clients, communities, and associates unlock their full potential with capital and counsel. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, mortgage, and title insurance services. First Horizon was founded in 1864 and is based in Memphis, Tennessee.

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Buyer(S) 1

Buyer

TD Bank

Toronto, Ontario, Canada
Category Company
Founded 1855
Sector Financial Services
Employees102,853
Revenue 52.9B CAD (2023)
DESCRIPTION
TD Bank branch in Bangor, Maine.
TD Bank branch in Bangor, Maine.

TD Bank and its subsidiaries are collectively known as TD Bank Group (TD or the Bank). TD is a large bank North American bank serving customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. TD Bank was incorporated in 1855 and is based in Toronto, Canada.

DEAL STATS #
Overall 9 of 10
Sector (Financial Services) 8 of 9
Type (Add-on Acquisition) 6 of 7
State (Tennessee) 1 of 1
Country (United States) 7 of 8
Year (2022) 1 of 2
Size (of disclosed) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-24 Headlands Tech

Chicago, Illinois, United States

Headlands Tech is a FINRA-registered broker-dealer that provides proprietary liquidity to fixed-income markets. Leveraging a unique fully automated approach, HTGM is able to provide accurate and timely pricing across hundreds of thousands of instruments in the fixed income universe. Headlands Tech was founded in 2013 and is based in Chicago, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-02 Cowen

New York, New York, United States

Cowen is a diversified financial services firm and, together with its consolidated subsidiaries, provides alternative asset management, investment banking, research, and sales and trading services. Cowen was founded in 1918 and is based in New York City.

Buy $1.3B
Mergr

Product

Company

Legal