CIT Group Buys by IMB for $3.4B

Livingston’s financial services firm CIT Group on July 22 announced it has paid approximately $3.4 billion in cash and stock to acquire bank holding company IMB Holdco of Pasadena, Calif. Following the transaction, CIT’s CIT Bank will merge with IMB’s subsidiary OneWest Bank, also of Pasadena, and continue using the CIT Bank name. Three New York City law firms advised the transaction: Wachtell, Lipton, Rosen & Katz for CIT, Cleary Gottlieb Steen & Hamilton for IMB, and Sullivan & Cromwell for both.

La Fe Foods Sold for $26M

Manufacturing company GraceKennedy in Kingston, Jamaica, announced on July 22 its subsidiary, GraceKennedy Foods USA in Miramar, Fla., has acquired fellow grocery wholesaler La Fe Foods of Moonachie, for approximately $26 million.

Newark Funding Corp. Acquired

Newark Funding Corp. in Newark on July 21 announced it has been acquired by Medallion Financial Corp. of New York City. Both provide taxicab medallion loan brokerage services.

Acquisition for NRG Energy

Princeton energy company NRG Energy announced July 21 it has acquired the Spanish Town Estate Solar project, an electric utility in St. Croix, Virgin Islands, from electronics manufacturer Toshiba International Corp. in Houston, Texas, a subsidiary of Toshiba Corp. in Tokyo.

BiologicTx Makes Acquisition

Organ transplant providers Injectable Therapy Services Inc. in Los Angeles announced on July 10 it has been acquired by BiologixTx, a specialty pharmacy in Totowa.