BMO Financial Group and its indirect, wholly-owned, Chicago-based subsidiary, BMO Harris Bank, signed a definitive agreement with BNP Paribas to acquire Bank of the West and its subsidiaries, which, as of Sept. 30, had assets of approximately $135 billion ($105 billion).

Under the terms of the agreement, BMO will acquire Bank of the West for a cash purchase price of $16.3 billion or $13.4 billion net of estimated $2.9 billion of excess capital (at closing) at Bank of the West. BMO will fund the transaction primarily with excess capital.

BMO Capital Markets and Morgan Stanley acted as financial advisors and Wachtell, Lipton, Rosen & Katz and Osler, Hoskin & Harcourt acted as legal counsel to BMO.

Goldman Sachs Bank Europe and J.P. Morgan Securities plc served as financial advisors to BNP Paribas SA, also supported by BNP Paribas Corporate Finance, and Sullivan & Cromwell LLP served as legal advisor.