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Home / Business / B & T and Suntrust to combine in a $ 66 billion equity merger

B & T and Suntrust to combine in a $ 66 billion equity merger



BB & T said on Thursday it will buy SunTrust Banks for $ 28.2 billion in a corporation, creating the sixth largest US bank based on assets and deposits.

The companies called it a merger of equals, valued at $ 66 billion.

SunTrust shareholders will receive 1,295 shares of BB & T for each share they own. The stock value of $ 62.85 per share is a 7 percent premium to SunTrust's closing price Wednesday, according to a Reuters calculation.

BB & T shareholders own 57 percent of the total company and SunTrust will own the rest.

The combined bank will have headquarters in Charlotte, North Carolina, and will have around $ 442 billion in assets, $ 301

billion in loans and $ 324 billion in deposits.

The agreement is expected to close in the fourth quarter of 2019.

BB & T was advised by RBC Capital, while its legal advice was Wachtell, Lipton, Rosen & Katz. Goldman Sachs and SunTrust Robinson Humphrey were financial advisors and Sullivan & Cromwell was legal adviser to SunTrust.


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