After six month of endless speculation, Raymond James Financial finally pulled the trigger, acquiring Regions Financial’s Morgan Keegan brokerage for $930 million and, in the process, creating one of the largest wealth management and investment banking firms away from Wall Street.
The transaction will deliver $1.18 billion in proceeds to Regions. The deal includes a $930 million stock purchase agreement with Raymond James. Morgan Keegan will also pay a $250 million dividend to Regions before the deal closes.
Despite the magnitude of the deal, most industry obsevers weren't exactly blown away by the union.
However, some industry watchers are predicting the deal will be just the first of many in the coming year.
Here’s everything you need to know about the Raymond James acquisition of Morgan Keegan:
Lorie Konish writes for On Wall Street.