CIT Group announced Monday that it has reached an agreement to acquire Southern California bank OneWest Bank, a takeover worth $3.4 billion.
Reports say CIT Group will acquire the regional bank system for $2 billion in cash and the rest in stock. The acquisition will transfer OneWest from its owner, IMB Holdco, and merge the operations with CIT’s own banking unit, CIT Bank.
In a statement, CIT said that the deal will result in a 20 percent growth in profits from 2016. The deal remains subject to regulatory approval, though the companies say they have been given clearance by both boards of directors to proceed with the merger.
Full content: Bidness Etc
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Google and South Carolina Clash Over State Records Demand
May 8, 2024 by
CPI
Telefonica Germany Teams Up with Amazon Web Services to Migrate 5G Customers
May 8, 2024 by
CPI
Federal Judge Grants $7.4 Million Settlement in Pork Price-Fixing Case
May 8, 2024 by
CPI
Wilson Sonsini Bolsters Antitrust and Competition Practice with Key Partner Returns
May 8, 2024 by
CPI
EU to Scrutinize Telecom Italia’s Network Sale to KKR
May 8, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI