Washington Mutual to Buy Providian for $6.45 Billion

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00009610-washington-mutual-to-buy-providian-for-64/

Will Edwards

Washington Mutual Inc., the biggest U.S. savings and loan, agreed to buy Providian Financial Corp. for $6.45 billion in stock and cash to enter the lucrative consumer credit-card business.

Providian shareholders will receive the equivalent of $18.71 a share, Seattle-based Washington Mutual said today. That’s 4.2 percent more than Providian’s closing price on June 3. The purchase will be 89 percent funded by Washington Mutual stock, with the balance in cash.

For this complete story, please visit Washington Mutual to Buy Providian for $6.45 Billion .

Washington Mutual to Buy Providian for $6.45 Billion

Unknown Author

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