CIT Mergers and Acquisitions Summary

Financial Services Company

CIT has acquired 3 companies, including 1 in the last 5 years. A total of 2 acquisitions came from private equity firms. It has also divested 5 assets.

CIT’s largest acquisition to date was in 2015, when it acquired OneWest Bank for $3.4B. It’s largest disclosed sale occurred in 2010, when it sold CIT Group to Bank Of Queensland for $374M. CIT has acquired in 2 different US states. The Company’s most targeted sectors include financial services (100%).

Join Mergr and gain access to CIT’s M&A summary, the M&A summaries of companies just like it, as well as recent M&A activity in the financial services sector.

M&A Summary

  • M&A Total Activity7
    • M&A Buy Activity2
    • M&A Sell Activity5
  • Total Sectors Invested 1
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 6
  • M&A Advisors 4

CIT Group, Inc. (CIT)

11 West 42nd Street,
New York, New York 10036
United States,
(212) 461-5200
www.cit.com

CIT is a financial holding company with approximately $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing. CIT was founded in 1908 and is based in New York, New York.


M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (0.2/yr) # 1 - - 1 - - 2
vol $3.4B $3.4B
Sell (0.4/yr) # 3 1 - - - 1 5
vol $374M $374M
  7

Most Recent M&A

Company Date Value Type
CIT Aviation Lending Business 2021-06-11 - Divestiture
New York, New York
Mutual of Omaha Bank 2019-11-19 - Add-on Acquisition
Omaha, Nebraska · www.mutualofomahabank.com
CIT Rail Holdings (Europe) SAS 2017-07-01 - Divestiture
Paris, France
CIT Commercial Air 2016-10-06 - Divestiture
Livingston, New Jersey
OneWest Bank 2015-08-03 3.4B USD Add-on Acquisition
Pasadena, California · www.owb.com
CIT Group (Australia) Ltd. 2010-04-26 374M AUD Divestiture
Sydney, Australia
BOQ Finance (NZ) Ltd. 2010-04-26 - Divestiture
Auckland, New Zealand
View All >>

M&A by Sector

Sector Buy # Value Sell # Value
Financial Services 2 (100%) 3.4B (100%) 2 (40%) 374M (100%)
Aerospace - - 1 (20%) -
Airlines - - 1 (20%) -
Business Services - - 1 (20%) -
Total 2 $3.4B 5 $374M

By Geo

State/Country Buy Value Sell Value
United States 2 3.4B 2 -
  Nebraska 1 - - -
  California 1 3.4B - -
  New York - - 1 -
  New Jersey - - 1 -
Australia - - 1 374M
France - - 1 -
New Zealand - - 1 -
Domestic 2 (100%) 3.4B (100%) 2 (40%) -
Cross-border - - 3 (60%) 374M (100%)
Total 2 $3.4B 5 $374M

Top M&A Advisors

Financial Deals
J.P. Morgan Securities LLC
2
Bank of America Merrill Lynch (BofA Securities)
1
Legal Deals
Wachtell, Lipton, Rosen & Katz LLP
2
Sullivan & Cromwell LLP
1

Deal Values

buy # Total
> $1B 1 $3.4B
TOTAL $3.4B
Largest OneWest Bank
$3.4B (2015-08-03)
sell # Total
$100M to $1B 1 $374M
TOTAL $374M
Largest CIT Group (Australia) Ltd.
$374M (2010-04-26)

M&A Connections

Deals
Acquired from
Investor(s)
50%
1 (50%)
Divested to
Investor(s)
20%
1 (20%)
Strategic(s)
80%
4 (80%)

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