BancorpSouth Bank’s $6 Billion Merger With Cadence Bancorporation

Alston & Bird and BancorpSouth advised BancorpSouth Bank, while Wachtell, Lipton, Rosen & Katz advised Cadence on the deal. Fried Frank acted as counsel to Goldman Sachs and J.P. Morgan, lead financial advisors to Cadence Bancorporation.

BancorpSouth Bank has announced a definitive agreement to combine with Cadence Bancorporation, the parent company of Cadence Bank N.A., in an all-stock deal that will create a combined company with a market value of $6 billion.

The new company will have $44 billion in total assets, making it the fifth-largest bank covering Texas and the Southeast, with a presence in seven of the 10 largest metropolitan statistical areas.

Based in Tupelo, MS, and listed on the New York Stock Exchange, BancorpSouth has approximately $24 billion in assets and operates more than 300 branches in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee, and Texas.

Cadence is based in Houston and also listed on the NYSE. Founded in 1885, it has $18.7 billion in total assets and operates 98 branches in Alabama, Florida, Georgia, Mississippi, Tennessee, and Texas.The merger is anticipated to close in the fourth quarter of 2021, pending the receipt of regulatory approval and the satisfaction of other customary closing conditions. The new company will operate under the Cadence brand with dual headquarters in Tupelo and Houston.

Advising BancorpSouth in the proposed acquisition is an Alston & Bird team led by partners Sandy Brown (Picture) and Kyle Healy and senior associate John Gerl (Financial Services & Products); partner John Shannon (Employee Benefits & Executive Compensation); and partner Clare Draper (Labor & Employment).

Fried Frank advised Goldman Sachs and J.P. Morgan with a team led by corporate partner Phil Richter and included corporate partner Roy Tannenbaum and corporate associate Ethan B. Kamer and corporate law clerk Ryan T. Fung.

The S&C team representing BancorpSouth includes Mitch Eitel, Rodge Cohen, Blake Schell and Donna Kim. Marc Trevino, Heather Coleman and Aaron Levine are advising on executive compensation matters. Ron Creamer and Nir Fishbien are advising on tax matters. Mehdi Ansari and Justin Orr are advising on intellectual property matters. Joe Matelis is advising on antitrust matters.

Involved fees earner: Sanford Brown – Alston & Bird LLP; Clare Draper IV – Alston & Bird LLP; John Gerl – Alston & Bird LLP; Kyle Healy – Alston & Bird LLP; John Shannon – Alston & Bird LLP; Ethan Kamer – Fried Frank Harris Shriver & Jacobson; Philip Richter – Fried Frank Harris Shriver & Jacobson; Roy Tannenbaum – Fried Frank Harris Shriver & Jacobson; Mehdi Ansari – Sullivan & Cromwell; Rodgin Cohen – Sullivan & Cromwell; Heather Coleman – Sullivan & Cromwell; Ronald Creamer – Sullivan & Cromwell; Mitchell Eitel – Sullivan & Cromwell; Nir Fishbien – Sullivan & Cromwell; Donna Kim – Sullivan & Cromwell; Aaron Levine – Sullivan & Cromwell; Joseph Matelis – Sullivan & Cromwell; Justin Orr – Sullivan & Cromwell; Blake Schell – Sullivan & Cromwell; Marc Trevino – Sullivan & Cromwell;

Law Firms: Alston & Bird LLP; Fried Frank Harris Shriver & Jacobson; Sullivan & Cromwell;

Clients: BancorpSouth Bank; Goldman Sachs; J.P. Morgan Securities LLC;

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Martina Bellini

Author: Martina Bellini