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TD Bank To Acquire First Horizon In US$13.4 Bln Deal - Quick Facts

TD Bank Group (TD,TD.TO) agreed to acquire First Horizon Corp. (FHN) in an all-cash transaction valued at US$13.4 billion or US$25.00 for each common share of First Horizon, the companies said in a statement.

Upon the closing of the transaction, Bryan Jordan, President and Chief Executive Officer of First Horizon, will join TD as Vice Chair, TD Bank Group, reporting to Bharat Masrani, Group President and Chief Executive Officer, TD,and will join the TD Senior Executive Team. He will also be named to the Boards of Directors of TD's U.S. banking entities as a director and Chair. Jordan will continue to be based in Memphis.

Leo Salom, Group Head, U.S. Retail, TD Bank Group, and President and CEO, TD Bank, will lead the combined businesses.

The transaction is expected to close in the first quarter of TD's 2023 fiscal year. If the transaction does not close prior to November 27, 2022, First Horizon shareholders will receive, at closing, an additional US$0.65 per share on an annualized basis for the period from November 27, 2022 through the day immediately prior to the closing. The transaction will terminate, unless otherwise extended, if it does not close by February 27, 2023.

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