Citizens Financial Group in Providence, R.I., has agreed to buy JMP Group in San Francisco.
The $185 billion-asset Citizens said in a press release Wednesday that it will pay $149 million in cash for JMP, a capital markets firms that focuses on the health care, technology, financial services and real estate sectors.
The deal is expected to close in the fourth quarter.
JMP, which was founded in 1999, will operate as a wholly owned subsidiary of Citizens.
Mark Lehmann, JMP’s president, will lead the business after the deal closes.
The acquisition “represents an attractive opportunity for us to continue to broaden both our capabilities and our customer base in our commercial banking segment,” Bruce Van Saun, Citizens’ chairman and CEO, said in the release.
“The acquisition further strengthens Citizens’ growing corporate finance and strategic advisory capabilities, with a focus on high growth and compelling industry sectors,” Van Saun added.
Sullivan & Cromwell advised Citizens. Keefe, Bruyette & Woods; JMP Securities; and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo advised JMP.