WASHINGTON (dpa-AFX) - 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.
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