M&A · Financials · Savings Institutions, Not Federally Chartered
Brookline Bancorp Inc to acquire PCSB Financial Corp
Announced May 24, 2022 · Closed Dec 30, 2022
Deal value$313M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock$20.72 per share
Transaction
- Acquirer
- Brookline Bancorp Inc (BRKL)
- Target
- PCSB Financial Corp (PCSB)
- Buyer type
- Strategic
- Offer price per share
- $20.72
- Enterprise value
- —
- Status
- Closed Dec 30, 2022
Deal protections
- Break fee (target pays)
- $12.0M · 3.8%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Piper Sandler
- Piper Sandler fee
- $4.0M
Sector context · Financials
- Comparable deals
- 78 in the prior 24 months
- Premium
- Sector median 32.0%
- EV / Adj. EBITDA
- Sector median 21.7x
- Break fee
- 3.8% vs. 3.6% sector median
Timeline
- AnnouncedMay 24, 2022
- Proxy filedAug 12, 2022
- Definitive proxyAug 12, 2022
- Shareholder voteSep 21, 2022
- ClosedDec 30, 2022
Valuation · fairness opinions
Trading comparables$10.36$19.12
Trading comparables$11.54$19.42
Trading comparables$12.07$19.16
Trading comparables$12.37$17.98
Offer $20.72
Implied value per PCSB Financial Corp share by analysis, from Piper Sandler · DCF discount rate 9.5%–13.5%.