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BRIEF-Iberiabank announces agreement to buy Sabadell United Bank
March 1, 2017 / 12:25 AM / 9 months ago

BRIEF-Iberiabank announces agreement to buy Sabadell United Bank

Feb 28 (Reuters) - Iberiabank Corp:

* Iberiabank Corporation announces agreement to acquire Sabadell United Bank, N.A.

* Iberiabank Corp - deal for a stock and cash transaction valued at $1.025 billion

* Iberiabank Corp- deal accretive to EPS in 2018, 19%+ irr, and limited impact to tangible book value per share

* Iberiabank Corp says upon completion of acquisition, Sabadell United will be merged with and into Iberiabank

* Iberiabank Corp - IBKC will purchase Sabadell United for $803 million in cash and approximately 2.61 million IBKC shares

* Says will purchase sabadell united for $803 million in cash and approximately 2.61 million IBKC shares

* Iberiabank Corp - proposed acquisition of Sabadell United by IBKC has been approved by board of directors of IBKC and Banco Sabadell

* Says IBKC plans to use $280 million net proceeds of December 2016 common equity sale to support acquisition

* Iberiabank Corp - expects to finance cash portion of transaction, in part, through a public common stock offering of approximately $500 million

* Banco Sabadell will own approximately 4.9 percent of IBKC common stock at transaction close

* Iberiabank Corp - plans to use $280 million net proceeds of December 2016 common equity sale to support acquisition

* Iberiabank Corp - Banco Sabadell will own approximately 4.9 percent of IBKC common stock at transaction close

* Iberiabank-Deal expected to be neutral to IBKC’s capital ratios, to be about 2% dilutive to tangible book value per share on a pro forma basis at closing

* Iberiabank Corp - estimated internal rate of return for transaction is expected to be approximately 19% Source text for Eikon: Further company coverage:

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