secwatch.observer — SEC 8-K summary
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Issuer:     Eastern Bankshares, Inc. (EBC)
CIK:        0001810546
Form:       8-K
Filed at:   2023-09-19T23:59:59+00:00
Accession:  0001193125-23-237717
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.90
Item codes: 1.01, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Eastern Bankshares to acquire Cambridge Bancorp in all-stock merger; sells insurance unit to Gallagher for $510M
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- Cambridge shareholders to receive 4.956 EBC shares per share; transaction expected Q1 2024.
- Eastern sells insurance brokerage to Arthur J. Gallagher for ~$510M cash; expected Q4 2023.
- Denis Sheahan to become Eastern CEO upon merger close; Robert Rivers becomes Executive Chair; Quincy Miller becomes Vice Chair, President, COO.
- Termination fee of $21M payable by either party under certain circumstances.
- Closing conditions include regulatory approvals and completion of both transactions.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1810546/000119312523237717/0001193125-23-237717-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1810546/000119312523237717/d550407d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-237717

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