M&A · Financials · National Commercial Banks
Pinnacle Financial Partners, Inc. to acquire Synovus Financial Corp
Announced Jul 24, 2025 · Closed Jan 2, 2026
Deal value$8.60B
Premium10.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$61.18 per share
Transaction
- Acquirer
- Pinnacle Financial Partners, Inc. (PNFP)
- Target
- Synovus Financial Corp (SNV)
- Buyer type
- Strategic
- Offer price per share
- $61.18
- Enterprise value
- —
- Status
- Closed Jan 2, 2026
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Centerview, Piper Sandler
- To the target
- Morgan Stanley, Stifel
- Centerview fee
- $47.5M
- Morgan Stanley fee
- $47.5M
Sector context · Financials
- Comparable deals
- 60 in the prior 24 months
- Premium
- 10.0% vs. 34.0% sector median
- EV / Adj. EBITDA
- Sector median 11.7x
- Break fee
- Sector median 3.7%
Timeline
- AnnouncedJul 24, 2025
- Proxy filedSep 30, 2025
- Definitive proxySep 30, 2025
- Shareholder voteNov 6, 2025
- ClosedJan 2, 2026
Valuation · fairness opinions
Trading comparablesCenterview$50.75$62.00
Trading comparablesCenterview$96.75$123.00
Discounted cash flowCenterview$50.50$61.50
Discounted cash flowCenterview$92.00$120.50
Discounted cash flowCenterview$54.00$65.25
Trading comparablesMorgan Stanley$49.25$64.00
Trading comparablesMorgan Stanley$88.00$128.50
Discounted cash flowMorgan Stanley$50.50$61.50
Discounted cash flowMorgan Stanley$107.25$130.00
Analyst price targetsMorgan Stanley$49.00$62.50
Offer $61.18
Implied value per Synovus Financial Corp share by analysis, from Centerview and Morgan Stanley · DCF discount rate 14%–16%.