M&A · Financials · National Commercial Banks
Prosperity Bancshares Inc to acquire Stellar Bancorp, Inc.
Announced Jan 28, 2026 · Closed Jul 1, 2026
Deal value$2.00B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock$39.08 per share
Transaction
- Acquirer
- Prosperity Bancshares Inc (PB)
- Target
- Stellar Bancorp, Inc. (STEL)
- Buyer type
- Strategic
- Offer price per share
- $39.08
- Enterprise value
- —
- Status
- Closed Jul 1, 2026
Deal protections
- Break fee (target pays)
- $78.0M · 3.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Stifel
Sector context · Financials
- Comparable deals
- 69 in the prior 24 months
- Premium
- Sector median 40.0%
- EV / Adj. EBITDA
- Sector median 13.7x
- Break fee
- 3.9% vs. 3.7% sector median
Timeline
- AnnouncedJan 28, 2026
- Proxy filedApr 21, 2026
- Definitive proxyApr 21, 2026
- Shareholder voteMay 27, 2026
- ClosedJul 1, 2026
Valuation · fairness opinions
Discounted cash flow$27.33$32.41
Discounted cash flow$69.46$83.30
Offer $39.08
Implied value per Stellar Bancorp, Inc. share by analysis, from Stifel · DCF discount rate 12%–14%.