CIT Group Inc., led by Wall Street veteran CEO John Thain, has agreed to buy the parent of OneWest Bank for $3.4 billion in cash and stock, moving the commercial lender into consumer banking.
The boards of directors of both companies have approved the deal, in which IMB Holdco LLC shareholders will receive $2 billion and 31.3 million shares of CIT Group common stock valued at $1.4 billion, at a share price of $44.33.
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