BMO and Sun Microsystems to merge for $50 billion
USA Today (USA) 1 hour ago BMO Bank and SunMicrosystems will merge for a $50.5 billion deal, the companies announced Tuesday.
The deal, which is expected to close later this year, will allow BMO to acquire SunMicros and make the company an equal-shareholder in the transaction, the bank said in a statement.
BMO will also become the majority shareholder in the merged company, with SunMicro becoming a minority shareholder, according to the statement.
Sun Micros shares fell nearly 10% in after-hours trading.
The bank said the merger will be financed by a combination of debt and equity.
SunMicro shares were up more than 4% after the news was announced.
BDO Bank, a unit of JPMorgan Chase, had the top stock pickers for the merger.
The transaction is expected for close to completion by the end of 2019, according with the bank.