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Fri, Jan. 29, 12:54 PM
- In a merger of Nashville lenders, Pinnacle Financial Partners (PNFP -4%) is buying Avenue Financial (AVNU +39.7%) for roughly $200M in stock and cash.
- Avenue owners will receive 0.36 shares of PNFP and $2 in cash for each share of AVNU they hold, and will own about 8.1% of the combined company.
- Assuming the deal closes late in Q3, expect a modestly accretive 2016 impact to Pinnacle's EPS and a 4.2% addition to 2017 earnings. Tangible book value will be diluted by 1%. Once the technology conversion takes place, about 40% of Avenue's expense base will be eliminated.
- Source: Press release
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