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.
