Norton Rose Fulbright advises Stellar on US$2 billion merger with Prosperity

Global law firm Norton Rose Fulbright represented Stellar Bancorp, Inc. (Stellar), the parent company of Stellar Bank, on its US$2 billion merger with Prosperity Bancshares, Inc. (Prosperity).

Under the terms and subject to the conditions of the definitive agreement signed on January 27, 2026, Prosperity will issue 0.3803 shares of Prosperity common stock and US$11.36 in cash for each outstanding share of Stellar common stock at the closing of the merger. Based on Prosperity's closing price of US$72.90 on January 27, 2026, the total consideration was valued at approximately US$2.0 billion.

With more than 330 banking centers, this combination creates the second largest Texas-headquartered bank by assets. The merger received unanimous approval from the Boards of Directors of both companies and is expected to close in the second quarter of 2026, subject to customary closing conditions.

Norton Rose Fulbright's Dallas -based deal team was led by Mike Keeley, Blake Redwine and Evan Hardee and included Alex Clark, Todd Schroeder, Steven Constantin and Amanda Yang.