M&A Deal Summary

Wells Fargo Acquires Norwest

On June 8, 1998, Wells Fargo acquired financial services company Norwest for 34.0B USD

Acquisition Highlights
  • This is Wells Fargo’s 4th transaction in the Financial Services sector.
  • This is Wells Fargo’s largest (disclosed) transaction.
  • This is Wells Fargo’s 4th transaction in the United States.
  • This is Wells Fargo’s 1st transaction in Minnesota.

M&A Deal Summary
Date 1998-06-08
Target Norwest
Sector Financial Services
Buyer(s) Wells Fargo
Deal Type Merger
Deal Value 34.0B USD

Target

Norwest

Minneapolis, Minnesota, United States
Norwest Corp. provides banking, insurance, investments, mortgage and consumer finance through 3,847 stores in all 50 states, Canada, the Caribbean, Latin America and elsewhere internationally.

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Buyer(S) 1

Buyer

Wells Fargo

San Francisco, California, United States
Category Company
Founded 1852
Sector Financial Services
Employees222,544
Revenue 82.6B USD (2023)
DESCRIPTION
Wells Fargo's corporate headquarters in downtown San Francisco, California.
Wells Fargo's corporate headquarters in downtown San Francisco, California.

Wells Fargo is a diversified financial services company that provides retail, commercial and corporate banking services through banking stores and offices, the internet and other distribution channels to individuals, businesses and institutions in all 50 US states, the District of Columbia and in other countries. Wells Fargo provides other financial services through subsidiaries engaged in various businesses, principally: wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, insurance agency and brokerage services, computer and data processing services, trust services, investment advisory services, mortgage-backed securities servicing and venture capital investment. Wells Fargo was formed in 1852 and is based in San Francisco, California.

DEAL STATS #
Overall 4 of 23
Sector (Financial Services) 4 of 17
Type (Merger) 1 of 5
State (Minnesota) 1 of 1
Country (United States) 4 of 23
Year (1998) 1 of 1
Size (of disclosed) 1 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1996-04-01 First Interstate Bancorp

Los Angeles, California, United States

First Interstate Bancorp, provides banking services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-10-10 Eastdil Secured

New York, New York, United States

Eastdil Secured is a real estate investment banking firm. Eastdil provides property sales, debt placements, m& services, private equity transactions, corporate transactions, and mortgage sales. Eastdil was formed in 1967 and acquired Secured Capital Corp in 2006.

Buy $150M
Mergr

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