Brief: Eastern Bankshares, Inc. Announces Agreement To Sell The Insurance Operations Of Eastern Insurance Group, Llc To Arthur J. Gallagher & Co. And Enters Into Definitive Agreement To Merge With Cambridge Bancorp

Eastern Bankshares

19/09/2023 22:43

Arthur J. Gallagher & Co.  AJG.N :
    * EASTERN BANKSHARES, INC. ANNOUNCES AGREEMENT TO SELL THE
INSURANCE OPERATIONS OF EASTERN INSURANCE GROUP, LLC TO ARTHUR
J. GALLAGHER & CO. AND ENTERS INTO DEFINITIVE AGREEMENT TO MERGE
WITH CAMBRIDGE BANCORP
    * EASTERN BANKSHARES: PROPOSED DEAL FOR APPROXIMATELY $510
MILLION
    * EASTERN BANKSHARES: MERGER WILL CREATE A $27 BILLION
COMBINED
FRANCHISE AND FURTHER SOLIDIFY EASTERN AS LARGEST BOSTON-BASED
COMMUNITY BANK BY DEPOSITS
    * EASTERN BANKSHARES: EASTERN PLANS TO WELCOME DENIS
SHEAHAN,
CAMBRIDGE CEO, TO ITS EXECUTIVE TEAM AS CEO
    * EASTERN BANKSHARES INC - COMBINED TRANSACTIONS ARE
FINANCIALLY
COMPELLING WITH ESTIMATED 20% EARNINGS PER SHARE ACCRETION

Source text for Eikon:  ID:nBw1F2LDMa 
Further company coverage:  AJG.N