Cadence Bank jumps on deal to sell insurance business

Cadence Bank

24/10/2023 13:35

** Shares of Cadence Bank  CADE.N  rise nearly 6% to $20.8
premarket
    ** CADE says it entered deal to sell its insurance unit
to Arthur J. Gallagher & Co  AJG.N  for $904 mln in cash
    ** On an after-tax basis, net cash proceeds are estimated to
be $650 mln- CADE
    ** CADE plans to reinvest the capital from the sale into
strategic transformation efforts and growing its core banking
franchise
    ** Co expects the deal to close in Q4
    ** CADE has fallen 20% YTD, up to the last close

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))