BB&T said on Thursday it will buy rival SunTrust Banks in an all-stock deal valued at $66 billion, creating the sixth-largest U.S. bank based on assets and deposits.
SunTrust shareholders will receive 1.295 shares of BB&T for each SunTrust share they own. BB&T will own 57 percent of the combined company and SunTrust shareholders will own about 43 percent.
The deal is expected to close in the fourth quarter of 2019.
Shares of SunTrust were up nearly 4 percent in the premarket following the report, while BB&T shares were up less than 0.5 percent.
—CNBC contributed to this report.
This story is developing. Please check back for updates.
from Top News & Analysis https://cnb.cx/2E07sX9
No comments:
Post a Comment