M&A · Financials · National Commercial Banks
Fifth Third Bancorp to acquire Comerica Inc
Announced Oct 6, 2025 · Closed Feb 2, 2026
Deal value$10.90B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$82.88 per share
Transaction
- Acquirer
- Fifth Third Bancorp (FITB)
- Target
- Comerica Inc (CMA)
- Buyer type
- Strategic
- Offer price per share
- $82.88
- Enterprise value
- —
- Status
- Closed Feb 2, 2026
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- JPMorgan, Stifel
Sector context · Financials
- Comparable deals
- 55 in the prior 24 months
- Premium
- Sector median 34.0%
- EV / Adj. EBITDA
- Sector median 12.5x
- Break fee
- Sector median 3.7%
Timeline
- AnnouncedOct 6, 2025
- Proxy filedNov 25, 2025
- Definitive proxyNov 25, 2025
- Shareholder voteJan 6, 2026
- ClosedFeb 2, 2026
Valuation · fairness opinions
Other analysisGoldman Sachs$56.38$70.45
Other analysisGoldman Sachs$90.28$120.43
Future share priceGoldman Sachs$51.75$66.19
Future share priceGoldman Sachs$59.64$69.24
Precedent transactionsGoldman Sachs$61.17$132.38
Trading comparablesJPMorgan$45.19$71.08
Trading comparablesJPMorgan$70.70$75.78
Trading comparablesJPMorgan$38.18$46.11
Trading comparablesJPMorgan$39.37$44.76
Discounted cash flowJPMorgan$64.32$78.45
Offer $82.88
Implied value per Comerica Inc share by analysis, from Goldman Sachs and JPMorgan · DCF discount rate 12%–14%.