WELLS FARGO, EASTDIL REALTY ANNOUNCE DEFINITIVE ACQUISITION AGREEMENT
LOS ANGELES — September 30, 1999
Wells Fargo & Company (NYSE: WFC) and Eastdil Realty LLC said today they have signed a definitive agreement for Wells Fargo to purchase the privately held real estate advisory company.
Headquartered in New York, Eastdil Realty is one of the country's pre-eminent real estate investment banks, specializing in public and private debt and equity real estate placements, transactional real estate advisory and corporate-owned real estate services. Eastdil led the industry in placements last year, with transaction volume of over $13 billion in 1998. Its clients include many of America's premier real estate owners and investors as well as major corporations. The firm also has offices in Los Angeles, Dallas and Chicago.
For Eastdil's Chairman and CEO Benjamin V. Lambert, along with the firm's 21 partners, the decision to sell to Wells Fargo was a natural evolution, as both firms have had a close working relationship for over 25 years.
"We have worked with Eastdil for many years and have tremendous respect for its people and their way of doing business," said Dave Hoyt, group executive vice president of Wells Fargo's Wholesale Banking Group. "We believe this acquisition will be an excellent complement to our existing commercial real estate businesses."
"We consider it a great compliment to be joining the nation's leading real estate bank," added Ben Lambert. "Combining Eastdil's unsurpassed exposure to real estate transactions and its broad network of relationships with the capital distribution capability and important relationships of Wells Fargo provides both firms with an exciting platform for the future growth of our businesses."
Eastdil will retain its name and continue to operate under its current structure.
Terms of the definitive agreement were not disclosed. The acquisition requires approval of California Department of Financial Institutions and a prior notice to the Federal Trade Commission under the provisions of the Hart-Scott-Rodino Act.
Wells Fargo & Company is a $205 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance services through almost 6,000 stores, the industry's leading Internet bank and other distribution channels across North America and elsewhere internationally.