EASTERN BANKSHARES MERGES WITH CAMBRIDGE BANCORP
Eastern Bankshares, Inc. (NASDAQ Global Select Market: EBC), the stock holding company for Eastern Bank, has announced the closing of its merger with Cambridge Bancorp (NASDAQ: CATC), the parent company of Cambridge Trust Company. The all-stock transaction was originally announced on September 19, 2023.
As previously announced and upon closing of the merger, Denis Sheahan, chairman, president and CEO of Cambridge, has become CEO of Eastern and Eastern Bank, and has joined Eastern’s boards of directors. Quincy Miller, in addition to his previous roles as president of Eastern and vice chair and president of Eastern Bank, has been promoted to Chief Operating Officer. Both Mr. Sheahan and Mr. Miller will report directly to Bob Rivers, who will remain Eastern’s principal executive officer.
J.P. Morgan Securities LLC served as financial advisor and Nutter McClennen & Fish LLP provided legal counsel to Eastern. BofA Securities, Inc. served as financial advisor and Hogan Lovells US LLP provided legal counsel to Cambridge.
In addition, Eastern announced that David Rosato, a banking executive who most recently served as senior executive vice president and chief financial officer of Berkshire Hills Bancorp and Berkshire Bank, has been named chief financial officer of Eastern Bankshares, Inc. and Eastern Bank, succeeding James Fitzgerald who will continue in a senior advisory role. Rosato will join Eastern Bank on August 1.
FIDIUM FIBER AWARDED CNET’S BEST INTERNET PROVIDERS OF 2024
Consolidated Communications (NASDAQ: CNSL), announced that Fidium Fiber, the company’s all fiber internet brand, has won CNET’s Best Internet Providers of 2024.
Since 2021, Consolidated has been expanding its multi-gigabit fiber network, bringing fiber internet to hundreds of communities. Consolidated’s fiber services, which include Fidium Fiber, are available to more than 1.25 million homes and businesses in the company’s 20-plus state service area.
CNET considers speeds, pricing, customer service and overall value to recommend the best internet services available, referencing their own database, provider information and spot-checking local addresses for availability. CNET is a trusted digital media publication that provides expert information, reviews and analysis on consumer technologies, services and trends.
For nearly 30 years, CNET’s team of editors, reporters and creators have helped consumers make informed decisions about technology-related purchases and stay up-to-date with the latest industry developments.
UNITIL TO PURCHASE BANGOR NATURAL GAS COMPANY FROM HOPE UTILITIES, INC.
Unitil Corporation (NYSE: UTL) (unitil.com) has agreed to purchase Bangor Natural Gas Company from PHC Utilities, Inc., a subsidiary of Hope Utilities, Inc., for $70.9 million.
According to a Unitil press release in June, Bangor’s enterprise value represents a multiple of approximately 1.2 times its rate base (based on its estimated rate base as of December 31, 2023).
Once the transaction is finalized with approval from the Maine Public Utilities Commission — expected by the end of the first quarter of 2025 — Bangor will be a wholly owned subsidiary of Unitil.
The release also mentioned that Unitil plans to finance the transaction with a mix of equity and debt with financing from Scotiabank. Scotiabank and the law firm Dentons are advising Unitil in the deal.
Bangor Natural Gas Company, established in 1998, owns and operates 351 miles of natural gas distribution pipelines and nine miles of transmission pipelines.
“Bangor Natural Gas Company is a great complement to our current natural gas distribution operations in Maine,” said Thomas P. Meissner, Jr., Unitil’s chairman and CEO. “Bangor brings a strong management team that is committed to providing safe, clean, reliable, and affordable energy to customers. We share their dedication to serving communities in Maine by providing responsive, high-quality service through locally-managed operations.”
