Raymond James Financial said it will acquire Regions Financial’s Morgan Keegan brokerage for $930 million, a move the firm said will create one of the largest wealth management and investment banking firms away from Wall Street.
The transaction will result in $1.18 billion in proceeds for Regions, Regions said in a separate statement regarding the transaction on Wednesday. That 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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