Share article A consortium led by American Banker is joining forces with three other banks, USBankingGroup, BankAmerica and Bank of New York Mellon to buy shares of the largest domestic bank.
The consortium, which includes Bank of Ameritrade, BankofAmerica, and JPMorgan Chase, has a $6 billion price tag, according to a filing Monday with the Securities and Exchange Commission.
The banks will each own 1.1 million shares of MHA.
Bank of America has already agreed to sell MHA for $1.8 billion, the filing said.
JPMorgan Chase will buy a 3.7 percent stake, the filings said.
The firms will use their combined market capitalization to buy up the company’s stock, said the filing, which does not specify the size of the transaction.
The transaction is expected to close in the fourth quarter of 2020, it said.
Shares of MHS Inc., which is privately held, were down 0.6 percent at $26.72 in late trading.