M&A · Financials · Savings Institution, Federally Chartered
Columbia Banking System, Inc. to acquire Umpqua Holdings Corp
Announced Oct 15, 2021 · Closed Mar 1, 2023
Deal value$5.19B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$23.58 per share
Transaction
- Acquirer
- Columbia Banking System, Inc. (COLB)
- Target
- Umpqua Holdings Corp
- Buyer type
- Strategic
- Offer price per share
- $23.58
- Enterprise value
- —
- Status
- Closed Mar 1, 2023
Deal protections
- Break fee (target pays)
- $145M · 2.8%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Stifel
- To the target
- JPMorgan
Sector context · Financials
- Comparable deals
- 55 in the prior 24 months
- Premium
- Sector median 35.9%
- EV / Adj. EBITDA
- Sector median 21.6x
- Break fee
- 2.8% vs. 3.7% sector median
Timeline
- AnnouncedOct 15, 2021
- Proxy filedDec 3, 2021
- Definitive proxyDec 3, 2021
- Shareholder voteJan 26, 2022
- ClosedMar 1, 2023
Valuation · fairness opinions
Discounted cash flowStifel$18.34$26.18
Discounted cash flowStifel$36.26$51.77
Trading comparablesJPMorgan$18.52$24.12
Trading comparablesJPMorgan$20.27$24.10
Discounted cash flowJPMorgan$19.18$23.03
Trading comparablesJPMorgan$36.38$44.19
Trading comparablesJPMorgan$36.17$43.75
Offer $23.58
Implied value per Umpqua Holdings Corp share by analysis, from Stifel and JPMorgan · DCF discount rate 9.5%–13.5%.