Fifth Third Bank

Mergers

Highlights | Ratios | Mergers
Buyer:Fifth Third Bancorp, Cincinnati, OH
Seller:Maxus Investment Group, Cleveland, OH
Transaction SummaryTop
Fifth Third Bancorp and Maxus Investment Group announced today that they have completed the transaction in which Fifth Third acquired Maxus, a Cleveland-based money management firm. Fifth Third paid approximately $45 million in cash and common stock. Fifth Third issued 470,162 shares of common stock and paid $18.1 million in cash for Maxus. Maxus Investment Group, which has been consistently ranked among the top money managers in the country, has over $1.4 billion in assets under management for personal, institutional and not-for-profit clients. Maxus offers private portfolio management and is the investment advisor for the Maxus Mutual Funds. The acquisition will enhance Fifth Third's position as one of the largest money managers in the Midwest with over $166 billion in assets, of which it actively manages over $22 billion. In addition, the acquisition propels Fifth Third among Northeast Ohio's top five money management firms with over $2.2 billion in total assets. Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $45 billion in assets, operates 14 affiliate banks with 639 full-service Banking Centers.
Transaction DataTop
Announcement Date10/03/00
Type of Asset SoldInvest Advisory/Mgmt Srvcs
Asset Desc.Money Management Firm
Accounting TypePurchase
Total Purchase Price ($000)44,997
Consideration TypeCash,Common Stock
Goodwill ($000)N/A
Premium or Discount Paid ($000)N/A
Premium/Assets Sold (%)N/A
Price/Assets Sold (%)3
Actual Buyer of AssetsFifth Third Bancorp
Completion Date01/02/01
Transaction StatusCompleted
Transaction Revised?No
Revision DateN/A
Assets Sold/Purchased ($000)1,400,000
Payment in:Cash ($000)18,090
Payment in:Common Stock ($000)26,907
Payment in:Debt ($000)0
Payment in:Convertible Debt ($000)0
Payment in:Pref Stock ($000)0
Payment in:Other Consider ($000)0
Earnout Consideration value ($000)N/A
Actual Seller of AssetsMaxus Investment Group
Transaction AdvisersTop
Financial Advisers:N/AN/A
Legal Advisers:N/AN/A
Financial Advisers:N/AN/A
Legal Advisers:N/AN/A
Data Provided by Thomson Reuters Bank Insight