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Topline
UBS Group AG has struck a deal to buy Credit Suisse—a rival Swiss bank rocked by financial turmoil—for over $3 billion, the two banks announced Sunday, as bank executives and Swiss officials sprint to contain a crisis sparked in part by the collapse of two major U.S. banks last week.
Key Facts
UBS ultimately agreed to pay $3.2 billion (or 3 billion Swiss Francs) in an all-share deal, with Credit Suisse investors receiving one UBS share for every 22.48 Credit Suisse shares held, up from a $1 billion initial offer that Credit Suisse reportedly viewed as too low.
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