Australia’s Suncorp Group has announced that it has accepted a $4.9 billion (US$4.02 billion) deal to take over its banking business from ANZ, one of the big-four lenders in the country.
The transaction represents $3.21 per share and is expected to yield net proceeds of $4.1 billion for Suncorp after deducting relevant transaction costs.
According to the deal’s terms,  ANZ will pay a minimum fee of $50 million to use the Suncorp Bank brand for five years as it absorbs an additional $47 billion in home loans and $45 billion in deposits.
Both sides have set a target to complete the transaction in about 12 months. During the period, Suncorp Group will continue to operate its banking business….