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TD and First Horizon Cancel $13.4 Billion Deal

First Horizon Corp (NYSE: FHN) and Toronto-Dominion Bank Group announced on Thursday that they have decided to cancel their proposed $13.4 billion Deal.

The Toronto Dominion building
The Toronto Dominion building

Regulatory Approval Uncertainty

The banks revealed that the Deal was called off due to clarity regarding if and when they would receive the necessary regulatory approvals to close the transaction.

Termination Agreement Terms

As part of the termination agreement, Toronto-Dominion Bank Group will pay First Horizon $200 million, according to the banks' joint statement.