Independent Bank Corp. (INDB) entered a merger agreement on December 9, 2024, to acquire Enterprise Bancorp, Inc. (EBTC) for $562 million in a cash-plus-stock deal.
As per the agreement terms, Enterprise shareholders will receive 0.60 shares of Independent common stock and $2.00 in cash for each share of Enterprise common stock they hold.
The deal is valued at about $44.41 per share, representing a premium of 23.62% from the stock’s last close.
Enterprise is a Massachusetts-based financial services company offering commercial and retail banking products, including loans, deposits, cash management, wealth management, and trust services through its 27 branches in Massachusetts and New Hampshire.
Independent Bank is the holding company for Rockland Trust, a full-service commercial bank offering banking, investment, and insurance services to individuals and businesses across Massachusetts and Rhode Island, with a range of mobile and online banking options.
The deal is expected to close in the second half of 2025.
This merger agreement has Independent Bank paying 2.74 times the sales of Enterprise Bancorp.
For comprehensive details regarding this M&A transaction, please visit the Deal Metrics page:
Deal Metrics for the acquisition of Enterprise Bancorp, Inc. (EBTC) by Independent Bank Corp. (INDB)
The Deal Metrics page for each merger or acquisition includes:
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Editor’s Note: Baranjot Kaur contributed to this article