Wells Fargo, Not Citigroup, to Buy Wachovia

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.