Simpson Thacher represented J.P. Morgan Securities LLC as financial advisor to CIT Group Inc. (NYSE: CIT) in connection with its acquisition of Mutual of Omaha Bank, Mutual of Omaha’s savings bank subsidiary, for a purchase price of approximately $1 billion.
The purchase price will be comprised primarily of cash and up to $150 million of CIT common stock, the amount of which will be determined by CIT. The transaction is expected to close in the first quarter of 2020, subject to regulatory approval and satisfaction of other customary closing conditions.
CIT Group is a financial holding company with over a century of experience, approximately $50 billion in assets as of June 30, 2019, and operates a principal bank subsidiary, CIT Bank, N.A. Mutual of Omaha is a Fortune 500 organization offering a variety of insurance and financial products for individuals, businesses and groups throughout the United States.
The Simpson Thacher team includes Maripat Alpuche (Picture), Sebastian Tiller and Sung Jin (M&A).
Law Firms: Simpson Thacher & Bartlett;
Clients: J.P. Morgan Securities LLC;