Financial Advisor
Renasant Corporation
M&A Advisory
Has Agreed To Acquire
Transaction Details
- On July 29, 2024, Renasant Corporation (NYSE: RNST) (“Renasant”) and The First Bancshares, Inc. (“The First”) (NYSE: FBMS) jointly announced that they have entered into a definitive agreement and plan of merger
- Creates a leading Southeast bank with ~$25B in combined assets
- All-stock transaction valued at approximately $1.2 billion, based on Renasant’s closing stock price as of July 26, 2024
- Excluding one-time transaction costs, Renasant and The First expect the merger to be immediately accretive to Renasant’s estimated earnings per share and to have a positive long-term impact on Renasant’s key profitability and operating ratios
- The merger has been approved unanimously by each company’s board of directors and is expected to close in the first half of 2025
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(1) Data as of June 30, 2024. Excludes purchase accounting adjustments. (2) Assumes fully phased-in cost savings in first year after closing. For illustrative purposes, assumes transaction closes on January 1, 2025. (3) For illustrative purposes, 2025E EPS Accretion assumes transaction close on January 1, 2025 and fully phased-in cost savings.
Earnback calculation based on crossover method.
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