The Public M&A and Financial Services team advised Brookline
Bancorp, Inc. ("Brookline") in connection with its entry
into a definitive agreement for a merger of equals with Berkshire
Hills Bancorp, Inc. ("Berkshire") in an all-stock
transaction valued at approximately $1.1 billion, or $12.68 per
share of Brookline common stock, based on the $30.20 closing price
of Berkshire common stock on December 13, 2024. Under the terms of
the definitive agreement each outstanding share of Brookline common
stock will be exchanged for the right to receive 0.42 shares of
Berkshire common stock. As a result of the transaction and a $100
million common stock offering announced by Berkshire to support the
transaction, Berkshire shareholders will own approximately 51%,
Brookline shareholders will own approximately 45%, and investors in
new shares will own approximately 4% of the outstanding shares of
the combined company.
Brookline
Bancorp is a multi-bank holding company for Brookline Bank,
Bank Rhode Island, PCSB Bank and their subsidiaries. Headquartered
in Boston, Massachusetts, the Company has $11.7 billion in assets
and branches throughout Massachusetts, Rhode Island, and New York.
As a commercially-focused financial institution, the Company,
through its banks, offers a wide range of commercial, business and
retail banking services, including a full complement of cash
management products, on-line banking services, consumer and
residential loans and investment services designed to meet the
financial needs of small-to mid-sized businesses and retail
customers. The Company also provides equipment financing through
its Eastern Funding subsidiary.
The Goodwin team was led by Samantha Kirby, and included Bill McCurdy, Eva Xu (Financial Services); Sarah Bock and Morgan Frisoli (Executive Compensation); Rob Hale (Labor); and Bob Kester (Tax).
For more information on the deal, please see the press release and coverage in the Boston Business Journal.
PRESS RELEASE
19 December 2024
Goodwin Advises Brookline Bancorp In $1.1 Billion Merger Of Equals With Berkshire Hills Bancorp To Create A Premier Northeast Banking Franchise
Goodwin Procter LLP
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The Public M&A and Financial Services team advised Brookline Bancorp, Inc. ("Brookline") in connection with its entry into a definitive agreement for a merger of equals with Berkshire Hills Bancorp.