Deals
CaixaBank Agrees to Buy Civica Amid Spanish Banking Overhaul
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CaixaBank SA, Spain’s fourth-biggest lender, agreed to buy Banca Civica SA, a group of former savings banks, for 977 million euros ($1.3 billion) as an overhaul of the nation’s financial industry gathers pace.
CaixaBank’s all-stock offer values Civica at 1.97 euros a share, or 0.35 times book value, the buyer said in a statement late yesterday. The transaction, in which Madrid-based Civica investors get five CaixaBank shares for every eight of their shares, is priced 11 percent below its March 23 closing price.