U.S. Bancorp has agreed to buy MUFG Union Bank’s core regional banking franchise from Mitsubishi UFJ Financial Group for about $8 billion in cash and stock, a deal that would boost U.S. Bank’s presence in California and other parts of the West Coast.
The purchase price includes $5.5 billion in cash and about 44 million shares of U.S. Bancorp common stock, the companies said Tuesday. MUFG will hold a minority stake of about 2.9% in U.S. Bancorp after the transaction is expected to close in the first half of 2022, they added.
