Brookline in $1.1 Billion Merger with Berkshire Hills
Deal News | Dec 16, 2024 | Goodwin
Brookline Bancorp, Inc., a multi-bank holding company primarily operating in Massachusetts, Rhode Island, and New York, has entered into a merger of equals with Berkshire Hills Bancorp, Inc., valued at $1.1 billion in an all-stock transaction. The agreement stipulates that each share of Brookline common stock will be exchanged for 0.42 shares of Berkshire common stock. The merger will result in Berkshire shareholders holding 51% of the combined entity, Brookline shareholders holding 45%, and new investors owning 4%. The transaction includes a $100 million common stock offering by Berkshire to support the merger. The law firm Goodwin advised Brookline on this transaction, with a team led by Samantha Kirby. This deal marks a significant consolidation in the Northeast banking sector, creating a powerful regional banking franchise with a comprehensive suite of financial services.
Sectors
- Financial Services
- Mergers & Acquisitions
Geography
- United States – The transaction involves companies primarily operating in the Northeastern United States, specifically Massachusetts, Rhode Island, and New York.
Industry
- Financial Services – This article involves companies that provide banking services, financial management, and investment services which fall under the Financial Services industry.
- Mergers & Acquisitions – The focus on a merger of equals between Brookline Bancorp and Berkshire Hills Bancorp classifies this under the M&A industry.
Financials
- $1.1 billion – Valuation of the all-stock merger transaction between Brookline Bancorp and Berkshire Hills Bancorp.
- $12.68 per share – Valuation of each share of Brookline common stock in the merger agreement based on Berkshire's share price.
- $100 million – Amount raised by Berkshire Hills Bancorp in a common stock offering to support the merger.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Brookline Bancorp, Inc. | Target | Company | A multi-bank holding company offering a range of services, primarily in the Northeast region of the U.S. |
| Berkshire Hills Bancorp, Inc. | Bidding Company/Buyer | Company | A bank holding company aiming to merge with Brookline Bancorp to create a larger regional banking entity. |
| Goodwin | Legal Advisor | Company | A law firm that provided legal advisory services to Brookline Bancorp for this transaction. |