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Updated from 10:37 a.m. EST
Bank of America (BAC Quote) said Friday morning that it will acquire embattled mortgage lender Countrywide Financial(CFC Quote) for approximately $4 billion in an all-stock transaction .
The deal values Countrywide shares at $7.16 per share, a 40% premium to where shares were trading before a Wall Street Journal report broke Thursday, but below Countrywide's Thursday close of $7.75. Under the terms of the agreement, shareholders of Countrywide would receive 0.1822 of a share of Bank of America stock in exchange for each share of Countrywide. The deal is expected to close in the third quarter.
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