Atlantic Union Bankshares Corp AUB has announced its acquisition of Sandy Spring Bancorp Inc SASR for $1.6 billion, marking the fourth regional bank deal exceeding $1 billion this year.
What Happened: The all-stock transaction will enhance Atlantic Union’s presence in Northern Virginia and Maryland, creating a regional powerhouse with $39.2 billion in assets, Reuters reported.
Sandy Spring shareholders will receive 0.90 shares of Atlantic for each share held, valuing Sandy Spring at $34.93 per share, a 7.1% premium. The deal is expected to boost Atlantic’s earnings per share by 23% by the end of 2026, with completion anticipated by the third quarter of 2025.
Price Action: Atlantic Union Bankshares closed at $36.81 on Wednesday, gaining 1.02% during the day. Year to date, the stock has risen by 0.99%. Meanwhile, Sandy Spring Bancorp stock finished at $32.36 on the same day, up 1.00%. Year to date, Sandy Spring has seen an increase of 18.27%, according to data from Benzinga Pro.
Read Next:
Image Via Shutterstock
This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
