National Bank of Canada to acquire Canadian Western Bank for $5 billion

On June 11, 2024, National Bank of Canada (National Bank) and Canadian Western Bank (CWB) reached a definitive agreement for National Bank to acquire CWB, valuing the transaction at approximately $5.0 billion. The deal involves National Bank acquiring all issued and outstanding common shares of CWB through a share exchange. Each CWB share will be exchanged for 0.450 National Bank shares, valuing each CWB share at $52.24, representing a 110% premium over CWB’s closing price as of June 11, 2024.

This merger aims to enhance customer services with a comprehensive product platform and a regionally focused service model, creating a Canadian banking leader with growth priorities from coast-to-coast. National Bank's investment in Western Canadian economies and technological innovation will benefit from CWB’s established banking franchise and customer relationships.

J.P. Morgan acted as the exclusive financial advisor to CWB, with Torys LLP as legal advisors. National Bank's lead financial advisor was National Bank Financial Inc., with McCarthy Tétrault LLP and Mayer Brown LLP as legal advisors. Jefferies Securities, Inc. provided a fairness opinion to National Bank’s board. The transaction is expected to close by the end of 2025, pending regulatory and shareholder approvals.

Deal Type

Merger & Acquisition

Industry

Banking/Finance

Transaction

$ 5,000,000,000

Deal Status

Active

Closing Date