Sullivan & Cromwell Archives

Citizens Financial Enters Merger Agreement with Investors Bancorp, Transaction Valued at $3.5B

Citizens Financial Group and Investors Bancorp entered into a definitive agreement and plan of merger under which Citizens will acquire all of the outstanding shares of Investors for a combination of stock and cash.

SouthState Corporation and Atlantic Capital Bancshares Sign Merger Agreement

SouthState Corporation and Atlantic Capital Bancshares signed a definitive agreement pursuant to which Atlantic Capital will merge with and into SouthState in an all-stock transaction with an aggregate value of approximately $542 million.

Old National and First Midwest Agree to Merge, Transaction Valued at $6.5B

Old National Bancorp and First Midwest Bancorp entered into a definitive merger agreement to combine in an all-stock merger of equals transaction with a total market value of $6.5 billion to create a bank with $45 billion in combined assets.

U.S. Bankruptcy Court Approves Garrett Motion’s Plan of Reorganization

The U.S. Bankruptcy Court for the Southern District of New York confirmed Garrett Motion’s plan of reorganization, positioning the company to complete the implementation of the plan, which will be led by funds managed by Centerbridge Partners and Oaktree Capital Management.

BancorpSouth Bank and Cadence to Combine in Merger Valued at More Than $6B

BancorpSouth Bank and Cadence Bancorporation, the parent company of Cadence Bank, entered into a merger agreement under which the companies will combine in an all-stock merger with a total market value of more than $6 billion.

Banc of California to Merge with Pacific Mercantile Bank

Banc of California and Pacific Mercantile Bancorp, the holding company of Pacific Mercantile Bank, entered into a definitive agreement and plan of merger under which Pacific Mercantile will merge into Banc of California in an all-stock transaction valued at approximately $235 million.

M&T Bank Acquires People’s United Financial in All-Stock Transaction

M&T Bank and People’s United Financial entered into a definitive agreement under which M&T will acquire People’s United in an all-stock transaction. The implied total transaction value based on closing prices on Feb. 19, 2021, is approximately $7.6 billion.

JPMorgan, Credit Suisse, HSBC Provide $1.825B in Debt Refinancing for Rent-a-Center

J.P. Morgan Securities, Credit Suisse and HSBC Securities provided $1.825 billion in debt financing for Rent-a-Center’s recent acquisition of Acima, a provider of virtual lease-to-own solutions.

PNC Agrees to Acquire BBVA USA for $11.6B

The PNC Financial Services Group and the Spanish financial group, Banco Bilbao Vizcaya Argentaria, signed a definitive agreement for PNC to acquire BBVA USA Bancshares, including its U.S. banking subsidiary, BBVA USA, for a purchase price of $11.6 billion.

KPS Delivers $2.6B Stalking Horse Bid to Garrett Motion in Chapter 11

Garrett Motion obtained approval of stalking horse bidding protections for affiliates of KPS Capital Partners, including a $63 million termination fee and expense reimbursement that is subject to a limit of $21 million.

Tag Archives: Sullivan & Cromwell