M&A · Financials · National Commercial Banks
Banc of California, Inc. to acquire PacWest Bancorp
Announced Jul 25, 2023 · Closed Nov 30, 2023
Deal value$1.45B
Premium25.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$12.30 per share
Transaction
- Acquirer
- Banc of California, Inc. (BANC)
- Target
- PacWest Bancorp
- Buyer type
- Strategic
- Offer price per share
- $12.30
- Enterprise value
- —
- Status
- Closed Nov 30, 2023
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- JPMorgan
- To the target
- Piper Sandler
Sector context · Financials
- Comparable deals
- 65 in the prior 24 months
- Premium
- 25.0% vs. 30.0% sector median
- EV / Adj. EBITDA
- Sector median 24.7x
- Break fee
- Sector median 3.0%
Timeline
- AnnouncedJul 25, 2023
- Proxy filedOct 23, 2023
- Definitive proxyOct 23, 2023
- Shareholder voteNov 22, 2023
- ClosedNov 30, 2023
Valuation · fairness opinions
Trading comparables$6.49$17.70
Trading comparables$17.28$18.58
Discounted cash flow$10.75$13.68
Discounted cash flow$11.58$16.17
Discounted cash flow$10.23$13.86
Offer $12.30
Implied value per PacWest Bancorp share by analysis · DCF discount rate 10%–12%.