PNC Financial Services Group

NYSE:PNC  
139.81
-0.84 (-0.60%)
Other Pre-Announcement, Mergers / Acquisitions

PNC Announces Agreement To Buy BBVA USA Bancshares, Inc.

Published: 11/16/2020 06:07 GMT
PNC Financial Services Group Inc (PNC) - Pnc Announces Agreement to Buy Bbva USA Bancshares, Inc.pnc Announces Agreement to Buy Bbva USA Bancshares, Inc.purchase Price of $11.6 Billion to Be Funded With Cash on Hand in a Fixed Price Structure.
Expects Transaction to Be Approximately 21% Accretive to Earnings in 2022.
Transaction Has an Estimated Internal Rate of Return to Pnc in Excess of 19%.
Signed Definitive Agreement for Pnc to Acquire Bbva USA Bancshares Including Its U.S. Banking Subsidiary, Bbva USA.
Pnc Financial Services - Expects to Incur Merger and Integration Costs of $980 Million, Inclusive of About $250 Million in Write-offs of Capitalized Items.