EverBank and WaFd Agree to $3.9 Billion Reverse Merger

M&A · PartnershipCorporate Action
โดย Insider Monkey·US·Read original
Summary · why it matters

EverBank Financial has agreed to merge with WaFd, Inc. in a $3.9 billion reverse merger that will create a regional bank with about $75 billion in assets. Under the deal, EverBank will merge into WaFd, which will remain the publicly traded company but take the EverBank Financial Corp. name and trade on Nasdaq under the EVBK ticker. EverBank shareholders will own about 59.2% of the combined company, while WaFd shareholders will hold roughly 40.8%, and the merger is expected to lift WaFd shareholders' 2027 earnings per share by about 29%. More than 40% of EverBank's roughly $37 billion loan portfolio is currently linked to nonbank financial companies, a figure that would fall to about 28% after the merger, and management expects the combined company to eventually generate a pro forma return on tangible common equity of around 15% once synergies are fully realized. The transaction still requires regulatory and shareholder approval.

Impact on stocks 2

Financials▲ · 1 stocks
WaFd, Inc.
WAFD
▲ PositiveCapitalrelevance

WaFd is the surviving publicly traded entity in the $3.9B reverse merger, with its shareholders' 2027 EPS expected to rise about 29%.

Biotech & Genomic Medicine▲ · 1 stocks

Off-coverage companies 1

EverBank Financial CorpPrivate▲ Positive
Capitalrelevance

EverBank agreed to merge into WaFd in a $3.9B reverse merger, with its shareholders owning about 59.2% of the combined company.

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