Independence Community Bank Corp. to Be Acquired by Sovereign Bancorp, Inc. in 3.6 Billion Deal
11.01.05
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Simpson Thacher is representing Independence Community Bank Corp. in the proposed acquisition of the Company by Sovereign Bancorp, Inc. Sovereign will acquire all of the outstanding shares of the Company for $42.00 per share, representing an aggregate transaction value of approximately $3.6 billion. Independence has $18.5 billion in assets and is a leading community bank and multifamily lender in the Metro New York area.
Simultaneously, Sovereign announced that it had reached an agreement with Grupo Santander, whereby the Madrid, Spain-based banking group will become Sovereign’s financial partner and largest shareholder through the purchase of approximately 90 million shares for $2.4 billion in cash at a purchase price of $27 per share.
The Simpson Thacher team includes Lee Meyerson, Maripat Alpuche, Ellen Patterson, Elizabeth Cooper, Grenfel Calheiros and Justin Cooke (M&A), Ken Edgar and Jon Farkas (Benefits), Charlie Rappaport (Tax), and Gary Rice (Bank Regulatory).