06:12 PM EDT, 07/29/2024 (MT Newswires) -- Renasant ( RNST ) said Monday it agreed to acquire The First Bancshares (FBMS) in an all-stock deal valued at about $1.2 billion.

The merger plan, backed by both boards, is expected to close in H1 of 2025, Renasant ( RNST ) said. The merged franchise will have about $25 billion in total assets, $18 billion in total loans and $21 billion in total deposits, based on financial data as of June 30.

The First shareholders will receive 1.00 share of Renasant ( RNST ) for each share of The First. Based on Renasant's ( RNST ) closing stock price of $37.09 per share on July 26, the implied transaction value is about $37.09 per The First share.

Separately, Renasant ( RNST ) also said it has priced a public offering of 6.25 million shares at $32 per share to raise $200 million. It has granted its underwriters, including Stephens, a 30-day option to purchase up to an additional 937,500 shares.

Renasant ( RNST ) said it plans to use the proceeds for general corporate purposes to support its growth.

Shares of Renasant ( RNST ) fell more than 4% in after-hours activity while The First Bancshares rose over 6%.