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
Vista and Blackstone in Advanced Talks to Acquire Smartsheet in $8 Billion Deal
Sep 17, 2024 by
CPI
Ursula von der Leyen Appoints Spanish Minister to Key Role in European Commission
Sep 17, 2024 by
CPI
US Judge Dismisses Antitrust Lawsuit Against Bayer, Corteva, and Syngenta
Sep 17, 2024 by
CPI
YouTube CEO Argues Google’s Innovation, Not Monopoly, Drove Ad Tech Success
Sep 16, 2024 by
CPI
Samsung, Xiaomi Among Smartphone Brands Allegedly Involved in eCommerce Collusion In India
Sep 16, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Canada & Mexico
Sep 3, 2024 by
CPI
Competitive Convergence: Mexico’s 30-Year Quest for Antitrust Parity with its Northern Neighbor
Sep 3, 2024 by
Francisco Javier Núñez Melgoza
Competition and Digital Markets in North America: A Comparative Study of Antitrust Investigations in Mexico and the United States
Sep 3, 2024 by
Julio Garcia
Recent Antitrust Development in Mexico: COFECE’s Preliminary Report on Amazon and Mercado Libre
Sep 3, 2024 by
Alejandra Palacios Prieto
The Cost of Making COFECE Disappear
Sep 3, 2024 by
Mateo Fernández