Raymond James Pays $930M for Morgan Keegan

Raymond James Financial Inc. has agreed to pay $930 million to buy Southeast investment bank and brokerage Morgan Keegan from Regions Financial Corp. In addition to the $930 million in stock, Morgan Keegan will also pay a $250 million dividend to Regions Financial. The deal expands Raymond James’ current $256 billion in client assets by $80 billion, making it seventh in client assets among U.S. brokerages, Reuters wrote Wednesday.

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