The Public M&A and Financial Services team advised Brookline Bancorp, Inc. ("Brookline") in connection with its entry into a definitive agreement for a merger of equals with Berkshire Hills Bancorp, Inc. ("Berkshire") in an all-stock transaction valued at approximately $1.1 billion, or $12.68 per share of Brookline common stock, based on the $30.20 closing price of Berkshire common stock on December 13, 2024. Under the terms of the definitive agreement each outstanding share of Brookline common stock will be exchanged for the right to receive 0.42 shares of Berkshire common stock. As a result of the transaction and a $100 million common stock offering announced by Berkshire to support the transaction, Berkshire shareholders will own approximately 51%, Brookline shareholders will own approximately 45%, and investors in new shares will own approximately 4% of the outstanding shares of the combined company.
Brookline Bancorp is a multi-bank holding company for Brookline Bank, Bank Rhode Island, PCSB Bank and their subsidiaries. Headquartered in Boston, Massachusetts, the Company has $11.7 billion in assets and branches throughout Massachusetts, Rhode Island, and New York. As a commercially-focused financial institution, the Company, through its banks, offers a wide range of commercial, business and retail banking services, including a full complement of cash management products, on-line banking services, consumer and residential loans and investment services designed to meet the financial needs of small-to mid-sized businesses and retail customers. The Company also provides equipment financing through its Eastern Funding subsidiary.
The Goodwin team was led by Samantha Kirby, and included Bill McCurdy, Eva Xu (Financial Services); Sarah Bock and Morgan Frisoli (Executive Compensation); Rob Hale (Labor); and Bob Kester (Tax).
For more information on the deal, please see the press release and coverage in the Boston Business Journal.
Brookline Bancorp is a multi-bank holding company for Brookline Bank, Bank Rhode Island, PCSB Bank and their subsidiaries. Headquartered in Boston, Massachusetts, the Company has $11.7 billion in assets and branches throughout Massachusetts, Rhode Island, and New York. As a commercially-focused financial institution, the Company, through its banks, offers a wide range of commercial, business and retail banking services, including a full complement of cash management products, on-line banking services, consumer and residential loans and investment services designed to meet the financial needs of small-to mid-sized businesses and retail customers. The Company also provides equipment financing through its Eastern Funding subsidiary.
The Goodwin team was led by Samantha Kirby, and included Bill McCurdy, Eva Xu (Financial Services); Sarah Bock and Morgan Frisoli (Executive Compensation); Rob Hale (Labor); and Bob Kester (Tax).
For more information on the deal, please see the press release and coverage in the Boston Business Journal.