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.
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