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Iberiabank to buy Sabadell United Bank for about $1 bln
February 28, 2017 / 11:30 PM / 7 months ago

Iberiabank to buy Sabadell United Bank for about $1 bln

Feb 28(Reuters) - Iberiabank Corp said it would buy Sabadell United Bank NA from Spain’s Banco de Sabadell SA in a stock-and-cash deal valued at $1.03 billion, to expand in the southern Florida market.

Iberiabank will buy Sabadell United for $803 million in cash and about 2.6 million of its shares, valued at about $222 million.

Lafayette, Louisiana-based Iberiabank plans to finance the cash portion of the transaction, in part, through a public common stock offering of about $500 million.

Goldman, Sachs and UBS Investment Bank served as financial advisers to Iberiabank, and Simpson Thacher & Bartlett LLP served as its legal adviser.

Keefe, Bruyette & Woods served as financial adviser to Banco de Sabadell and Sabadell United Bank and Hunton & Williams LLP as legal adviser. (Reporting by Vishaka George in Bengaluru; Editing by Shounak Dasgupta)

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