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Investing.com -- Huntington Bancshares (NASDAQ:HBAN) has agreed to acquire Veritex (NASDAQ:VBTX) Holdings in an all-stock transaction valued at $1.9 billion, expanding its footprint in key Texas markets including Dallas, Fort Worth, and Houston.
Under the terms of the agreement, Veritex shareholders will receive 1.95 Huntington shares for each Veritex share they own.
This exchange ratio represents a value of $33.91 per Veritex share, based on Huntington’s closing price of $17.39 on July 11.
The acquisition will add approximately $13 billion in assets, $9 billion in loans, and $11 billion in deposits to Huntington’s balance sheet.
The transaction is expected to close in the early fourth quarter of 2025, subject to regulatory approvals and other customary closing conditions.
Huntington indicated that the deal will be accretive to earnings per share and neutral to capital at closing.
The transaction is expected to be slightly dilutive to tangible book value per share, with an estimated payback period of approximately one year.
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