UBS Group AG agreed to buy Credit Suisse Group AG in a historic, government-brokered deal aimed at containing a crisis of confidence that threatened to spread across global financial markets.
UBS is paying nearly $3.2 billion to buy its rival, the report said, citing sources who are privy to the matter. The all-share deal has priced Credit Suisse at around one-fourth of its closing price at the end of the trading session on March 17, when the lender valued at about $8 billion.
The plan, negotiated in hastily arranged crisis talks over the weekend, seeks to address a massive rout in Credit Suisse stock and bonds over the past week following the collapse of smaller US lenders.
