Investors Bancorp To Be Bought By Citizens Financial In $3.5 Bln Deal - Quick Facts

Investors Bancorp, Inc. (ISBC), the holding company for Investors Bank, Wednesday said it has agreed to be acquired by Citizens Financial Group, Inc. (CFG) for a combination of stock and cash. The implied total transaction value is approximately $3.5 billion.

Under the terms of the agreement and plan of merger, Investors shareholders will receive 0.297 of a share of CFG common stock and $1.46 in cash for each share of Investors they own.

Following completion of the deal, former Investors shareholders will collectively own approximately 14% of the combined company.

The deal is expected to be immediately accretive to Citizens' earnings per share.

The agreement and plan of merger has been unanimously approved by the boards of directors of each company and the transaction is expected to close in first or second quarter 2022, subject to customary closing conditions.

Following the deal closure, Kevin Cummings, Investors' Chairman and Chief Executive Officer, and Michele N. Siekerka, who are current members of the board of directors of Investors, are expected to join Citizens' board of directors.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
IntegraDose Compounding Services, LLC has recalled a total of eleven lots of antibiotic medication cefazolin in the form of injection for the potential lack of sterility assurance, the U.S. Food and Drug Administration or FDA said in a statement. The lack of sterility resulted from compounding in a newly installed biologic safety cabinet without completing dynamic smoke study testing. While reporting financial results for the fourth quarter on Thursday, professional services company Accenture Plc (ACN) initiated earnings and revenue growth outlook for the full-year 2022, above analysts' estimates and also provided revenue outlook for the first quarter. For fiscal 2022, the company... Impossible Foods Inc., a plant-based meat maker, is bringing its new plant-based pork product to the restaurants in U.S., Hong Kong and Singapore. Starting Thursday, Impossible pork will be available at Momofuku Ssäm Bar in Manhattan, New York City. It will serve Spicy Rice Cakes with Impossible Pork Ragu. Restaurants across the U.S. and Hong Kong can now order Impossible Pork for their menus.
Follow RTT