Jan 28 (Reuters) – U.S. regional lender Prosperity Bancshares said on Wednesday it would buy rival Stellar Bancorp in a $2 billion cash-and-stock deal. The deal will bolster Prosperity’s presence in greater Houston, Beaumont and Dallas. Prosperity has offered 0.3803 of its shares and $11.36 in cash for each Stellar share held. The transaction is […]
Business
Prosperity Bancshares to buy Stellar Bancorp in $2 billion deal
Audio By Carbonatix
Jan 28 (Reuters) – U.S. regional lender Prosperity Bancshares said on Wednesday it would buy rival Stellar Bancorp in a $2 billion cash-and-stock deal.
The deal will bolster Prosperity’s presence in greater Houston, Beaumont and Dallas.
Prosperity has offered 0.3803 of its shares and $11.36 in cash for each Stellar share held.
The transaction is expected to close in the second quarter.
Keefe, Bruyette & Woods and Norton Rose Fulbright US advised Stellar, while Wachtell, Lipton, Rosen & Katz advised Prosperity.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Sriraj Kalluvila)