First Horizon Corp (NYSE:FHN) is trading higher Monday after The Toronto-Dominion Bank (NYSE:TD) signed a definitive agreement to acquire the company for $25 per share in an all-cash transaction.
The transaction, which is expected to close in the first quarter of TD's 2023 fiscal year, is valued at $13.4 billion. TD aims to accelerate its long-term growth strategy in the U.S. by acquiring the regional bank, which has aligned culture and risk-management framework.
