M&A Deal Summary

CIBC Acquires PrivateBancorp

On June 29, 2016, CIBC acquired financial services company PrivateBancorp for 3.8B USD

Acquisition Highlights
  • This is CIBC’s 3rd transaction in the Financial Services sector.
  • This is CIBC’s largest (disclosed) transaction.
  • This is CIBC’s 3rd transaction in the United States.
  • This is CIBC’s 1st transaction in Illinois.

M&A Deal Summary
Date 2016-06-29
Target PrivateBancorp
Sector Financial Services
Buyer(s) CIBC
Deal Type Add-on Acquisition
Deal Value 3.8B USD
Advisor(s) Goldman Sachs (Financial)
Wachtell, Lipton, Rosen & Katz
Vedder Price P.C. (Legal)

Target

PrivateBancorp

Chicago, Illinois, United States
PrivateBancorp, Inc. is a provider of personalized financial services primarily to affluent individuals, professionals, owners of closely-held businesses and commercial real estate investors. PrivateBancorp, Inc., through its subsidiary The PrivateBank, delivers customized business and personal financial services to middle-market companies, as well as business owners, executives, entrepreneurs and families in all of the markets and communities it serves. The Company has 34 offices in 12 states and, as of March 31, 2016, had US$17.7 billion in assets.

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Buyer(S) 1

Buyer

CIBC

Toronto, Ontario, Canada
Category Company
Founded 1867
Sector Financial Services
Employees48,047
Revenue 23.3B CAD (2023)
DESCRIPTION

Canadian Imperial Bank of Commerce (CIBC) is a Canadian-based global financial institution serving personal banking and business clients. Through its three major business units - Retail and Business Banking, Wealth Management and Capital Markets, CIBC offers a full range of products and services through its global banking network, branches and offices. Canadian Imperial Bank of Commerce was founded in 1867 and is based in Toronto, Ontario.

DEAL STATS #
Overall 4 of 4
Sector (Financial Services) 3 of 3
Type (Add-on Acquisition) 2 of 2
State (Illinois) 1 of 1
Country (United States) 3 of 3
Year (2016) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-03-01 Butterfield

Hamilton, Bermuda

Butterfiel is Bermuda’s first independent bank, and a specialist provider of international financial services. The Butterfield Group offers a full range of community banking services in Bermuda, Barbados and the Cayman Islands, encompassing retail and corporate banking and treasury activities. Butterfield was founded in 1784 and is based in Hamilton, Bermuda.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-15 Butterfield

Hamilton, Bermuda

Butterfiel is Bermuda’s first independent bank, and a specialist provider of international financial services. The Butterfield Group offers a full range of community banking services in Bermuda, Barbados and the Cayman Islands, encompassing retail and corporate banking and treasury activities. Butterfield was founded in 1784 and is based in Hamilton, Bermuda.

Sell -
Mergr

Product

Company

Legal