TD, First Horizon call off $13.4 billion deal

(Reuters) – First Horizon (NYSE:) Corp and Toronto-Dominion Bank Group have agreed to call off their $13.4 billion deal, the banks said on Thursday.

The deal ended because the banks did not have clarity on if and when they would get the regulatory approvals to close the deal, the banks said in a statement

As part of the termination agreement, TD will pay $200 million to First Horizon, they said.