Independent Bank, Enterprise Bancorp to Merge Into Rockland Trust in $562M Deal

Dow Jones

Dec 09, 2024

By Adriano Marchese

Enterprise Bancorp and Independent Bank, parent of Rockland Trust, have agreed to merge their businesses in a deal worth $562 million.

The two companies are expected to merge into Rockland Trust. The combined company will have a larger footprint, expanding into northern Massachusetts and southern New Hampshire, they said jointly on Monday.

According to the deal, Enterprise shareholders will receive 0.60 shares of Independent common stock and $2.00 in cash for each share of Enterprise common stock they hold. The transaction is valued at $45.06 per share based on the Independent's closing price of $71.77 on Dec. 6.

Independent anticipates issuing about 7.5 million shares of its common stock and paying $27.1 million in cash in the merger.

The merger is expected to close in the second half of 2025, and be 16% accretive to Independent's earnings per share in the following year, the first full year of combined operations.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

December 09, 2024 08:05 ET (13:05 GMT)

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The combined company will have a larger footprint, expanding into northern Massachusetts and southern New Hampshire, they said jointly on Monday. \n\n\n  According to the deal, Enterprise shareholders will receive 0.60 shares of Independent common stock and $2.00 in cash for each share of Enterprise common stock they hold. 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