Citizens Financial To Acquire JMP Group LLC For About $149 Mln Cash - Quick Facts

(RTTNews) - Citizens Financial Group, Inc. (CFG) and JMP Group LLC (JMP) announced Wednesday that they have entered into a definitive merger agreement under which Citizens will acquire JMP in an all-cash transaction.

JMP shareholders will receive $7.50 for each common share of JMP they own, or approximately $149 million in cash.

JMP is a highly regarded capital markets firm that provides investment banking services, including strategic advisory, equity research and sales and trading focused primarily on the healthcare, technology, financial services and real estate sectors.

Upon the closing of the transaction, San Francisco-based JMP will operate as a wholly-owned subsidiary of Citizens.

The merger, unanimously approved by the boards of directors of each company, is targeted to close in the fourth quarter of 2021, subject to approval by the shareholders of JMP, receipt of required regulatory approvals, and satisfaction of other customary closing conditions.

As of September 1, 2021, executive management and members of JMP's board of directors owned approximately 60% of its outstanding common shares.