Toronto-Dominion Bank, First Horizon Terminate Merger Agreement

Banks cite regulatory hurdles in canceling $13.4 billion deal

TD Bank will make a $200 million cash payment to First Horizon on top of a $25 million fee reimbursement. Photo: Cole Burston/Bloomberg News

Toronto-Dominion Bank and Tennessee-based First Horizon have decided to end their $13.4 billion merger agreement.

In a joint statement Thursday, the companies said the decision was made after TD Bank considered that obtaining the regulatory prerequisites to push the merger through wasn’t certain.

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