June 29, 2016 / 10:32 AM / a year ago

Canada's CIBC to buy U.S.-based PrivateBancorp in $3.8 bln deal

June 29 (Reuters) - Canadian Imperial Bank of Commerce said it would buy Chicago-based PrivateBancorp Inc in a cash-and-stock deal valued at about $3.8 billion to expand its business.

CIBC said on Wednesday it would pay $47 per share for PrivateBancorp. This represents a premium of about 31 percent, based on the closing price of the two companies stocks on Tuesday. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Kirti Pandey)

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