Merger • Financial Services

FleetBoston Financial Acquires BankBoston

On March 15, 1999, FleetBoston Financial acquired financial services company BankBoston for 16.0B USD

Acquisition Context
  • This is FleetBoston Financial’s 3rd transaction in the Financial Services sector.
  • This is FleetBoston Financial’s largest (disclosed) transaction.
  • This is FleetBoston Financial’s 3rd transaction in the United States.
  • This is FleetBoston Financial’s 1st transaction in Massachusetts.

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M&A Deal Summary

Date March 15, 1999
Target BankBoston
Sector Financial Services
Buyer(s) FleetBoston Financial
Deal Type Merger
Deal Value 16.0B USD

Target Company

BankBoston

Boston, Massachusetts, United States
BankBoston Corporation was a bank serving consumers and businesses. BankBoston offered a variety of banking services and also had operations throughout Latin America.
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Buyer Overview 1

Buyer

FleetBoston Financial

Boston, Massachusetts, United States

Category Company
Founded 1791
Sector Financial Services
Employees47,500
DESCRIPTION

FleetBoston Financial was a bank and financial services firm created in 1999 by the merger of Fleet Financial Group and BankBoston.


Deal Context for Buyer #
Overall 3 of 3
Sector: Financial Services 3 of 3
Type: Merger 1 of 1
State: Massachusetts 1 of 1
Country: United States 3 of 3
Year: 1999 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1997-04-17 Option One Mortgage

Santa Ana, California, United States

Option One Mortgage is a high-risk mortgage lender. The Company was formed in 1992 and is based in Santa Ana, California.

Sell $190M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-06-01 Fleet Mortgage

Columbia, South Carolina, United States

Fleet Mortgage Corp., is a provider in the origination of residential mortgage loans, the company provides mortgages through retail offices in the Northeast, a national network of 1,000 correspondents, wholesale brokers nationwide, and its National Telesales Center.

Sell $660M