Citizens Bulks Up Dealmaking Muscle with $149 Million JMP Deal

Citizens Financial Group Inc. agreed to buy JMP Group LLC for $149 million as the lender bulks up its fee-based businesses amid a dealmaking frenzy, with more acquisitions likely.

Stockholders of San Francisco-based JMP will receive $7.50 in cash for each of their shares, the companies said in a statement Wednesday, 2.9% higher than Tuesday’s closing price. JMP, which is about 60% owned by management and members of its board, will operate as a wholly owned subsidiary of Providence, Rhode Island-based Citizens.

The transaction is the latest in a string of takeovers by the nation’s fifth-largest regional bank by assets. ...