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BB&T completes acquisition of BankAtlantic

The firm has completed a deal that will see it take over BankAtlantic.

01 November 2011

The importance of business negotiations has been highlighted by BB&T's acquisition of BankAtlantic.

Under the terms of the agreement, the former will pay the latter a $301 million (£187 million) premium, as well as the net asset value of BankAtlantic at close.

Alan Levan, BankAtlantic Bancorp's chairman and chief executive officer, stated he is sure that "customers and employees will be served well by this transaction".

Mr Levan continued by saying that he expects shareholders to be very impressed with the terms of the contract, as it will earn them a lot of money.

BB&T - which has roots in the banking industry stretching back to 1872 - is expected to get $2.1 billion in loans and approximately $3.3 billion in deposits as part of the deal.

Expert negotiation skill may have been needed to ensure both parties were happy with the resolution, which is still subject to regulatory approval.

Posted by David Gleck 

Source: BankAtlantic press release, November 1st 

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