Pinnacle Financial Partners, Inc. (PNFP) entered a merger agreement on July 24, 2025, to acquire Synovus Financial Corp. (SNV) in an all-stock deal, valued at $8.6 billion.
Under the terms of the agreement, the shares of Synovus and Pinnacle shareholders will be converted into shares of a new Pinnacle parent company based on a fixed exchange ratio, where Synovus shareholders will receive 0.5237 of a Pinnacle share. This exchange ratio represents a Synovus per-share value of $61.18, which is a 7.86% premium from the stock’s last close.
Synovus is a financial services company headquartered in Columbus, Georgia, offering commercial and consumer banking, wealth management, and a range of specialized financial services across the Southeast. With $61 billion in assets, Synovus operates more than 240 branches in Georgia, Alabama, Florida, South Carolina, and Tennessee.
Pinnacle Financial is a Nashville-based financial services company offering a full range of banking, investment, trust, mortgage, and insurance products to individuals, businesses, and professional clients across the Southeast. With about $54.8 billion in assets, it is the second-largest bank holding company headquartered in Tennessee, serving clients through its urban market presence and comprehensive financial solutions.
Two days ago, Bloomberg reported that Synovus was weighing options, including a potential merger after drawing interest. The stock was trading at $55.53 before the report came out.
The combined company will operate under the Pinnacle Financial Partners and Pinnacle Bank name and brand. Kevin Blair, Chief Executive Officer of Synovus, will serve as the CEO of the combined company, while Terry Turner, the CEO of Pinnacle, will serve as Chairman of the Board.
Jamie Gregory, Chief Financial Officer of Synovus, will serve as CFO of the combined company, while Rob McCabe, Chairman of Pinnacle, will take on the roles of Vice Chairman and Chief Banking Officer.
The deal, expected to close in the first quarter of 2026, will increase Pinnacle’s estimated operating earnings per share by about 21% in 2027, with the tangible book value per share paid back quickly in about 2.6 years.
Morgan Stanley and Keefe, Bruyette & Woods (a Stifel Company) acted as financial advisors, and Wachtell, Lipton, Rosen & Katz were legal advisors for Synovus. For Pinnacle Financial, both Centerview Partners and Piper Sandler gave financial advice, while Sullivan & Cromwell and Bass, Berry & Sims provided legal help.
Pinnacle Financial is paying 1.35 times the tangible book value for Synovus.
To delve into more details regarding this M&A transaction, please visit the Deal Metrics page here:
The Deal Metrics page for each merger or acquisition includes:
– A spread history chart of the merger from announcement through eventual completion or failure.
– Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And a whole lot more.
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Editor’s Note: Baranjot Kaur contributed to this article