By Colin Kellaher
Camden National has agreed to buy fellow bank holding company Northway Financial in an $86.6 million stock swap that will create a northern New England bank with about $7 billion in assets.
Maine-based Camden on Tuesday said it will issue 0.83 shares, worth $31.46 based on Monday's price of $37.90, for each share of Northway, a roughly 61% premium to Monday's closing price of $19.55 for the North Conway, N.H., company.
Camden said its shareholders will own about 86% of the combined company, while Northway investors will own around 14%.
The deal is slated to close during the first quarter of 2025.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 10, 2024 08:34 ET (12:34 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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