Deals
KeyCorp Agrees to Buy First Niagara in $4.1 Billion Deal
- Combination will create 13th largest commercial U.S. lender
- First Niagara was worst performer in KBW Bank Index last year
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KeyCorp, Ohio’s second-largest bank, agreed to buy First Niagara Financial Group Inc. in a $4.1 billion cash-and-stock deal that extends the company’s reach in upstate New York.
First Niagara shareholders will receive 0.68 shares and $2.30 in cash for each First Niagara share, according to a statement from the companies Friday. The per-share consideration is valued at $11.40 based on KeyCorp’s closing price Thursday.