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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