Ixe And Banorte Make it Official

Ixe And Banorte Make it Official

Mexico M&A Funds

In a deal that has been expected since an initial stock exchange announcement last month, Banorte has reached an agreement to acquire Ixe for MXP16.2bn ($1.3bn). Previously, bankers had said Ixe would want at least 2x book value, or approximately MXP14bn as of September 30. Banorte was advised by Strategic Advisors and Estructura Partners, while Ixe was advised by JPMorgan, which is also a significant shareholder in the bank. JPMorgan was heard to be the initial instigator of the deal and champi

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