First Horizon’s $13.4 Billion Deal with Toronto-Dominion Bank

First Horizon’s $13.4 Billion Deal with Toronto-Dominion Bank

March 29, 2022

Sullivan & Cromwell continues its dominance in bank M&A, advising First Horizon in its agreement to be acquired by Toronto-Dominion Bank for $13.4 billion in cash, the largest banking M&A deal announced this year to date.

As the First Horizon-TD Bank deal demonstrates, clients regularly turn to our Financial Services Group for their critical M&A deals. Last year S&C led all law firm advisers on announced bank M&A deals, measured by value. We advised on deals totaling more than $52 billion, representing two-thirds of the bank M&A deals announced in 2021.

In the ten biggest bank M&A deals of the past ten years, S&C has advised on nine of the ten.


Beyond these deals, our premier banking practice has the versatility and depth of knowledge to advise a wide variety of financial institutions—from some of the world’s biggest to innovative startups—on their most crucial matters spanning regulatory, transactions, litigation and enforcement actions.

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