US-based First Citizens will buy Entegra for USD 30.18 per share for a total of USD 219.8 million per the agreement.
The deal follows a previous attempted merger of equals between Entegra and SmartFinancial in January 2019 that would have converted each Entegra common share into 1.215 SmartFinancial shares for a transaction value of USD 22.36 per share.
Entegra branches will become part of First Citizens once the merger is complete. First Citizens and Entegra said they expect the merger to close in the second half of 2019 subject to approval from regulators and Entegra shareholders, as well as satisfaction of customary closing conditions.
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