Wells Fargo, Not Citigroup, to Buy Wachovia

Wachovia Corp has switched acquirers. Instead of selling its banking operations to Citigroup, Wachovia has opted for a deal with Wells Fargo, which will buy the entire company for $15 billion in stock

Rich Miller

October 3, 2008

1 Min Read
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Remember that deal for Citigroup to buy Wachovia? Never mind. Instead of selling its banking operations to Citigoup with government asssistance, Wachovia has opted for a deal with Wells Fargo, which will buy all of Wachovia for $15 billion in stock. Wells Fargo will sell $20 billion in stock to help fund the deal.

So now Wells Fargo gets the Wachovia IT and data center assets we discussed earlier, including a $400 million data center in Birmingham, Alabama and two facilities in Winston-Salem, N.C.

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