Regions Financial Corporation Announces Agreement to Sell Morgan Keegan to Raymond James Financial for $930M
Regions Financial Corp. (NYSE: RF) announced today that it has entered into a stock purchase agreement to sell Morgan Keegan & Company, Inc. and related affiliates to Raymond James Financial Inc., for $930 million. As part of the transaction, Morgan Keegan will also pay Regions a dividend of $250 million before closing, pending regulatory approval, resulting in total proceeds of $1.18 billion to Regions, subject to adjustment as described below.
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