Boston Private (BPFH) Repurchases 5.44M Warrants from The Carlyle Group, Director
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Boston Private Financial Holdings, Inc. (Nasdaq: BPFH) announced that it has repurchased all of the 5.44 million warrants held by affiliates of The Carlyle Group, and BPFH Director John Morton III. The Company repurchased the warrants for a total cash consideration of $15.0 million.
The Carlyle Group continues to own approximately 7.8 million shares of BPFH common stock and non-voting shares of Preferred Stock which are (subject to certain limitations) convertible into approximately 7.3 million shares of common stock.
The transaction was closed as of February 28, 2012. The $15.0 million tangible capital reduction is expected to be partially offset by the Company’s pending sale of Davidson Trust Company. The sale of Davidson Trust Company is expected to close in the second quarter of 2012.
The Carlyle Group continues to own approximately 7.8 million shares of BPFH common stock and non-voting shares of Preferred Stock which are (subject to certain limitations) convertible into approximately 7.3 million shares of common stock.
The transaction was closed as of February 28, 2012. The $15.0 million tangible capital reduction is expected to be partially offset by the Company’s pending sale of Davidson Trust Company. The sale of Davidson Trust Company is expected to close in the second quarter of 2012.
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