M&A · Financials · Savings Institution, Federally Chartered
Berkshire Hills Bancorp Inc to acquire Brookline Bancorp Inc
Announced Dec 16, 2024 · Closed Sep 2, 2025
Deal value$1.10B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$12.68 per share
Transaction
- Acquirer
- Berkshire Hills Bancorp Inc (BHLB)
- Target
- Brookline Bancorp Inc (BRKL)
- Buyer type
- Strategic
- Offer price per share
- $12.68
- Enterprise value
- —
- Status
- Closed Sep 2, 2025
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Raymond James
- To the target
- Hovde Group
- Raymond James fee
- $7.0M
Sector context · Financials
- Comparable deals
- 56 in the prior 24 months
- Premium
- Sector median 33.5%
- EV / Adj. EBITDA
- Sector median 13.7x
- Break fee
- Sector median 3.3%
Timeline
- AnnouncedDec 16, 2024
- Proxy filedApr 8, 2025
- Definitive proxyApr 8, 2025
- Shareholder voteMay 21, 2025
- ClosedSep 2, 2025
Valuation · fairness opinions
Analyst price targetsHovde Group$13.87$16.60
Discounted cash flowHovde Group$30.49$36.06
Discounted cash flowRaymond James$28.70$39.57
Offer $12.68
Implied value per Brookline Bancorp Inc share by analysis, from Hovde Group and Raymond James · DCF discount rate 10.5%–12.5%.