PNC Financial Services Group Inc &
United States Department of the Treasury | Update Date: 02/10/09 |
| Date Announced: 01/02/09 |
| Value (million $USD): 1.14 billion U.S. Dollar |
|
| Status: Pending | |
| TRANSACTION DETAILS |
|---|
| Date Announced | 01/02/09 | | |
| Date Originally Announced | 01/02/09 | | |
| Format | Acq. Part. Int. | Acquisition techniques | Privately Negotiated Purc |
| Attitude | Friendly | Agency | n/a |
| Value | 1.14 billion U.S. Dollar | Advisor Fees | n/a |
| SYNOPSIS |
|---|
| US - State-owned United States Department of Treasury agreed to acquire warrants convertible into a 4.87% stake, or 16.885 mil common shares, in PNC Financial Services Group Inc, a bank holding company, for $67.63 per share, or a total value of $1.142 bil, in a privately negotiated transactions. The transaction was subject to standard closing documents completion, and was part of the Troubled Asset Relief Program, in which the US Treasury announced that it would invest up to $250 bil in senior preferred equity in qualifying US controlled banks, savings associations, and certain bank and savings and loan and loan holding companies. Under the terms of the plan, the senior non- voting, non-convertible preferred shares will pay a 5% dividend for the first five years and a 9% dividend thereafter and the US Treasury will receive the right to purchase common stock equal to 15% of its preferred equity investment in each firm in the form of common share purchase warrants. |
| TARGET |
|---|
| Name | PNC Financial Services Group Inc (PNC) |
| Industries | Offices of bank holding companies; State banks,member fed reserve; Security brokers, dealers, and flotation companies; Investment advice; Misc business credit; Mortgage bankers and loan correspondents |
| City | Pittsburgh |
| State | PA |
| Nation | United States |
| Incorporated in | PA |
| Public Status | Public |
| Business Description | PNC Financial Services Group, located in Pittsburgh, Pennsylvania, is a bank holding company for PNC Bank, National Association and PNC Bank, Delaware, which are Members FDIC. The company also provides commercial, investment and mortgage banking, as well as investment advisory and finance leasing services including mutual fund advisory services. The company was founded in 1983. |
| Advisors | NULL |
| Target Sales | 10.19 billion U.S. Dollar |
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| ACQUIROR |
|---|
| Name | United States Department of the Treasury |
| Industries | n/a |
| City | Washington |
| State | DC |
| Nation | United States |
| Incorporated in | n/a |
| Public Status | Government |
| Business Description | The United States Department of the Treasury, located in Washington, District of Columbia, is a national agency. The agency was established by an Act of Congress in 1789 to manage government revenue. |
| Advisors | NULL |
| Acquiror Sales | n/a |
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