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Article: Washington Mutual Completes Acquisition of Providian Financial.
- Article from:
- Business Wire
- Article date:
- October 3, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SEATTLE -- Washington Mutual, Inc. (NYSE:WM), today announced the company has completed its acquisition of Providian Financial in a stock and cash transaction valued at approximately $6.1 billion. For each share of Providian common stock, Providian stockholders will receive 0.4005 shares of Washington Mutual common stock and $2.00 in cash.
The transaction is expected to be accretive within a year on both a GAAP and cash basis.
The acquisition brings together two of the nation's leading retail financial services companies focused on serving middle market consumers, and strengthens Washington Mutual's leadership position in the middle market customer ...