Regions Financial (RF) Completes $1.2B Sale of Morgan Keegan
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Regions Financial Corp. (NYSE: RF) has completed its sale of Morgan Keegan & Company, Inc. and related affiliates to Raymond James Financial Inc. for approximately $1.2 billion. Regions’ trust and institutional investment management businesses are not included in the sale and will operate within Regions’ Wealth Management organization.
Regions and Raymond James will continue to work closely to ensure that customers with accounts at Morgan Keegan and Regions Bank continue to receive the same high level of service quality from both companies.
Regions and Raymond James had previously announced a purchase price of $930 million with a $250 million pre-closing dividend to be paid to Regions by Morgan Keegan, generating total proceeds to Regions of approximately $1.2 billion. In lieu of a pre-closing dividend, the companies have agreed to increase the purchase price by the same amount, resulting in the same total proceeds to Regions of approximately $1.2 billion.
Regions and Raymond James will continue to work closely to ensure that customers with accounts at Morgan Keegan and Regions Bank continue to receive the same high level of service quality from both companies.
Regions and Raymond James had previously announced a purchase price of $930 million with a $250 million pre-closing dividend to be paid to Regions by Morgan Keegan, generating total proceeds to Regions of approximately $1.2 billion. In lieu of a pre-closing dividend, the companies have agreed to increase the purchase price by the same amount, resulting in the same total proceeds to Regions of approximately $1.2 billion.
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