By Adriano Marchese
Old National Bancorp has agreed to acquire privately held financial services company Bremer Financial for a transaction value of $1.4 billion.
The two companies said Monday that each Bremer share will be converted into the right to receive 4.182 shares of Old National and $26.22 in cash. Based on Old National's closing stock price on Friday of $21.65, this brings the total to $116.76 a share.
Bremer is based out of St. Paul, Minnesota.
The merger is expected to create the third-largest bank in the Twin Cities, and expands Old National's reach into several other markets throughout Minnesota, North Dakota and Wisconsin.
The transaction is expected to close in the middle of next year, and once combined, the company will have over $70 billion in assets based on its Sept. 30 asset figures.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
November 25, 2024 06:28 ET (11:28 GMT)
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