M&A · Financials · State Commercial Banks
Columbia Banking System, Inc. to acquire Pacific Premier Bancorp Inc
Announced Apr 23, 2025 · Closed Sep 2, 2025
Deal value$2.00B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$20.83 per share
Transaction
- Acquirer
- Columbia Banking System, Inc. (COLB)
- Target
- Pacific Premier Bancorp Inc (PPBI)
- Buyer type
- Strategic
- Offer price per share
- $20.83
- Enterprise value
- —
- Status
- Closed Sep 2, 2025
Deal protections
- Break fee (target pays)
- $75.0M · 3.8%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Piper Sandler
- To the target
- Stifel
Sector context · Financials
- Comparable deals
- 60 in the prior 24 months
- Premium
- Sector median 34.5%
- EV / Adj. EBITDA
- Sector median 12.5x
- Break fee
- 3.8% vs. 3.6% sector median
Timeline
- AnnouncedApr 23, 2025
- Proxy filedJun 16, 2025
- Definitive proxyJun 16, 2025
- Shareholder voteJul 21, 2025
- ClosedSep 2, 2025
Valuation · fairness opinions
Precedent transactions$19.11$32.73
Precedent transactions$17.90$33.62
Precedent transactions$13.71$22.77
Precedent transactions$15.79$29.60
Discounted cash flowStifel$22.15$28.03
Discounted cash flowStifel$22.24$31.48
Offer $20.83
Implied value per Pacific Premier Bancorp Inc share by analysis · DCF discount rate 10%–14%.