PNC Financial Services Group Stock Price, News & Analysis

PNC Financial Services Group announced the successful acquisition of BBVA USA Bancshares, making it the fifth largest U.S. commercial bank with over $560 billion in assets. This strategic move allows PNC to enhance its market presence, offering products and services across 29 of the top 30 U.S. markets. PNC plans to convert systems in October 2021 and has committed to a $88 billion Community Benefits Plan over four years, aimed at supporting low- to moderate-income communities. CEO William Demchak expressed confidence in increased shareholder value through this expansion.

PNC Financial Services Group announced that Chairman and CEO William S. Demchak and CFO Robert Q. Reilly will engage in a virtual discussion about business performance and strategy. This event will take place at 10 a.m. (ET) on June 3 during the Bernstein Strategic Decisions Conference. Investors can find a link to the live webcast and related materials at www.pnc.com/investorevents. The company is recognized as one of the largest diversified financial services institutions in the U.S.

Harris Williams has advised Transaction Data Systems (TDS) in its sale to BlackRock Long Term Private Capital. TDS, a leader in pharmacy software, aims to enhance efficiency and patient outcomes for pharmacies. Under CEO Jude Dieterman, TDS has expanded its operations significantly. BlackRock LTPC, managing $264 billion in alternative investments, seeks to create value through active collaboration with management. The transaction underscores TDS's strong market position and highlights the growth potential within the pharmacy sector.

PNC Financial Services Group (NYSE: PNC) announced it has received regulatory approval for its acquisition of BBVA USA Bancshares, including its subsidiary BBVA USA. This approval comes from the Federal Reserve and the Office of the Comptroller of the Currency, along with state banking departments in Alabama and Texas. The acquisition is set to close on June 1, 2021, transforming PNC into the fifth-largest U.S. commercial bank, with over $560 billion in assets across 29 of the 30 largest U.S. markets.

Harris Williams has advised Two Sigma Impact and Avance Investment Management on their investment in Wholesale Supplies Plus (WSP), a premier e-commerce provider catering to artisans in the personal care and home fragrance sectors. This transaction signifies WSP's pivotal role in a growing market, with plans to further empower small businesses.

Two Sigma Impact aims to leverage data science for enhanced employee experiences and returns. Avance focuses on thematic investments aimed at growth and consolidation in fragmented markets. WSP is recognized for its high-quality raw materials and packaging solutions.

Harris Williams has successfully advised Velocity Clinical Research on its sale to GHO Capital Partners LLP. Velocity is an integrated site organization specializing in clinical trials, with 16 sites across the U.S. and over 5,000 studies completed. The firm's work was crucial during the COVID-19 vaccine trials, showcasing its ability to expedite drug development. NaviMed Capital, Velocity's previous owner, focuses on fast-growing healthcare businesses. GHO aims to leverage its expertise to enhance Velocity's growth in the healthcare sector.

Harris Williams advised ADB Companies on its sale to Warren Equity Partners. ADB is a leading provider of telecommunication and utility infrastructure solutions in the U.S. The deal will see ADB's CEOs, Rusty Keeley and Chad Johnson, maintain significant equity stakes and continue on the board, with Johnson remaining as CEO. The transaction highlights strong market demand for telecommunications assets, particularly with the momentum of 5G technology. ADB is recognized for its high-quality services and customer-centric approach, leveraging over three decades of experience in the industry.

Harris Williams, a global investment bank, has advised CIS Secure Computing, Inc. on its sale to HKW. CIS specializes in secure endpoint communications for the U.S. government. Under Acorn Growth’s ownership, CIS saw significant growth and is poised for further strategic execution with HKW. The transaction indicates strong investor interest in national security solutions. Harris Williams emphasizes CIS's unique combination of proprietary hardware and mobile software, which distinguishes it in the defense market.

Harris Williams has advised ACL Airshop, a leader in air cargo ULD logistics solutions, on its acquisition by Alinda Capital Partners. ACL Airshop serves over 200 airlines and air cargo carriers globally, operating at top cargo hub airports. The transaction highlights the growing demand in the air cargo market, driven by various factors. Alinda, focusing on long-term infrastructure investments, partners predominantly with pension funds. This acquisition positions ACL Airshop for further growth in partnership with Alinda, enhancing its service capabilities across six continents.