Deals
PacWest to Buy CapitalSource for $2.3 Billion in Cash, Stock
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PacWest Bancorp agreed to purchase CapitalSource Inc. in a deal valued at about $2.3 billion to create the eighth-largest commercial bank based in California. Shares of both companies surged.
CapitalSource investors will get about $11.64 in PacWest stock and cash, 18 percent more than yesterday’s closing price, the Los Angeles-based companies said in a statement. Each CapitalSource share will be exchanged for 0.2837 PacWest share and $2.47 in cash, according to the statement.