Royal Bank of Canada to acquire HSBC Canada in $10.1 billion deal
Royal Bank of Canada RY, -2.24% RY, -1.19% said Tuesday it has reached an agreement to acquire HSBC Canada HSBC, -1.48% HSBA, +3.99% for C$13.5 billion in cash."This acquisition builds on our core domestic retail business and expands our international product capabilities," said Neil McLaughlin, Group Head, Personal & Commercial Banking, RBC.
The price offers a 9.4 times multiple of HSBC Canada's estimated 2024 adjusted earnings of $1.4 billion assuming fully realized expense synergies, RBC said in a statement. The deal is expected to boost EPS by 6% based on 2024 consensus estimates. RBC expects about $740 million in annual pretax cost synergies and to incur total acquisition and integration costs of about $1 billion. Shares were not yet active premarket but are down 7% in the year to date, while the S&P 500 SPX, -1.
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