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Announced

Completed

PNC completed the acquisition of BBVA USA for $11.6bn.

Financials

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Transaction Value£8,785m
Consideration TypeCash
Capital Owned-
Capital Bid For100%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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banking

Majority

Private

United States

Banks

Domestic

Single Bidder

Acquisition

Friendly

Completed

Synopsis

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The PNC Financial Services Group, an American bank holding company and financial services corporation, completed the acquisition of BBVA USA, a US subsidiary of BBVA, a Spanish multinational financial services company, for $11.6bn. "PNC has recognized the great value of our unique client franchise and of our great team in the US, who will be part of a leading financial services group in the country. The deal enhances our already strong financial position. We will have ample flexibility to profitably deploy capital in our markets strengthening our long-term growth profile and supporting economies in the recovery phase, and to increase distributions to shareholders," Carlos Torres Vila, BBVA Group Executive Chairman.

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