February 7, 2019 / 11:05 AM / 4 months ago

BB&T Corp to buy SunTrust Banks in $66 bln all-stock deal

Feb 7 (Reuters) - BB&T Corporation said on Thursday it will buy rival SunTrust Banks Inc in an all-stock deal valued at $66 billion, creating the sixth-largest U.S. bank based on assets and deposits.

SunTrust shareholders will receive 1.295 shares of BB&T for each SunTrust share they own. BB&T will own 57 percent of the combined company and SunTrust shareholders will own about 43 percent.

Reporting By Aparajita Saxena in Bengaluru; Editing by Arun Koyyur

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