Citizens Financial to Acquire Investors Bancorp for an Implied Transaction Value of USD 3.5bn.
MANews-(C)2009-2021
US-based bank holding company Citizens Financial Group, Inc. (NYSE: CFG) has entered into a definitive agreement and plan of merger to acquire all outstanding shares of Investors Bancorp for a combination of stock and cash with an implied total transaction value of approximately USD 3.5bn, the company said.
Under the terms of the agreement and plan of merger, Investors shareholders will receive 0.297 of a share of CFG common stock and USD 1.46 in cash for each share of Investors they own. Following completion of the transaction, former Investors shareholders will collectively own approximately 14% of the combined company.
The acquisition of Investors enhances Citizens' banking franchise, adding an attractive middle market/ small business and consumer customer base while building its physical presence in the northeast with the addition of 154 branches located in the greater New York City and Philadelphia metropolitan areas and across New Jersey.
Morgan Stanley and Co. LLC acted as financial...
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