Pinnacle Financial Partners to Acquire Synovus Financial in $8.6 Billion Stock Merger

On June 22, 2023, Pinnacle Financial Partners Inc. agreed to acquire Synovus Financial Corp. in an all-stock transaction valued at $8.6 billion. The deal combines two significant banking institutions in the U.S. Southeastern market and is the largest bank deal announced so far in 2023. According to a statement provided via Bloomberg Terminal, Synovus and Pinnacle shares will be converted into stock of a new Pinnacle parent company. Ownership will be divided with Synovus shareholders owning approximately 48.5% and Pinnacle shareholders holding about 51.5%. The transaction includes a premium of about 10% to Synovus shareholders. This merger aims to create a Southeast growth champion in the financial services sector, positioning the new entity as a key player in the region. Pinnacle Financial Partners is regulated by the Tennessee Department of Financial Institutions and the Federal Deposit Insurance Corporation, with the merged company anticipated to continue supporting local communities through various initiatives including affordable housing and volunteer work.

Pinnacle Financial Partners and Synovus Financial are entering into a merger agreement valued at $8.6 billion. The deal involves the combination of the two financial institutions but specific details such as the timeline, terms, and impacts have not been disclosed in the source provided. The information is reported as a major financial merger, highlighting significant corporate activity. No direct quotes, additional numbers, or procedural information are available from the content provided.

Pinnacle Financial Partners Inc. announced an agreement to acquire Synovus Financial Corp. in an all-stock transaction valued at $8.6 billion. The deal combines two major banks operating in the Southeastern United States market and is the largest bank deal announced in 2023 to date. According to the announcement made Thursday via Bloomberg Terminal, Synovus and Pinnacle shares will be converted into stock of a new Pinnacle parent company. Synovus shareholders will own approximately 48.5% of the new entity, while Pinnacle shareholders will hold about 51.5%. The transaction includes a premium of approximately 10% to Synovus shareholders. The merger is positioned ahead of an anticipated wave of bank mergers and acquisitions in the region.

On Thursday, Pinnacle Financial Partners Inc. agreed to acquire Synovus Financial Corp in an all-stock transaction valued at $8.6 billion. The merger will create a combined banking entity focusing on the Southeastern United States market. Under the terms of the deal, Synovus and Pinnacle shares will be converted into stock of a new Pinnacle parent company. Synovus shareholders will own approximately 48.5% of the new company, while Pinnacle shareholders will hold around 51.5%. The transaction represents a premium of about 10% to Synovus shareholders. This is the largest banking deal announced so far in the year. Pinnacle operates bank branches including one in downtown Nashville, Tennessee, highlighting its regional presence.