Pinnacle Financial and Synovus agree to $8.6 billion merger

Pinnacle Financial Partners (NASDAQ: PNFP) and Synovus Financial Corp. (NYSE: SNV) announced they have entered into a definitive agreement to combine in an all-stock transaction valued at $8.6 billion, according to a press release statement.

Under the terms of the agreement, Synovus and Pinnacle shareholders will receive shares of a new Pinnacle parent company based on a fixed exchange ratio of 0.5237 Synovus shares per Pinnacle share. This represents a Synovus per share value of $61.18 and an approximate 10% premium to Synovus on an unaffected basis. Following the transaction close, Synovus shareholders will own approximately 48.5% and Pinnacle shareholders will own approximately 51.5% of the combined company.

The combined company will operate under the Pinnacle Financial Partners and Pinnacle Bank name and brand. Kevin Blair, Chairman, Chief Executive Officer and President of Synovus, will serve as President and Chief Executive Officer of the combined company, while Terry Turner, President and Chief Executive Officer of Pinnacle, will serve as Chairman of the Board of Directors.

The transaction is expected to be approximately 21% accretive to Pinnacle's estimated operating EPS in 2027, with a tangible book value per share earnback period of 2.6 years. The transaction is expected to be tax-free to shareholders of both companies.

The combined company's Board will comprise 15 directors, eight from Pinnacle and seven from Synovus. Jamie Gregory, Chief Financial Officer of Synovus, will serve as Chief Financial Officer of the combined company, and Rob McCabe, Chairman of Pinnacle, will become Vice Chairman and Chief Banking Officer.

The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals, shareholder approval from both companies and other customary closing conditions. The combined company's common stock will trade on the New York Stock Exchange under the ticker symbol PNFP.

As of June 30, 2025, Pinnacle has approximately $54.8 billion in assets and Synovus has approximately $61 billion in assets.

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