Credit Suisse's deal to buy DLJ closes.(Donaldson, Lufkin and Jenrette)(Brief Article)

Pensions & Investments, November, 2000

ZURICH -- Credit Suisse Group closed on a deal to buy Donaldson, Lufkin & Jenrette for about $11.5 billion. Credit Suisse, Switzerland's second-largest financial services group, bought DLJ from AXA Financial, which owned a 71% stake in DLJ, or roughly 88.6 million shares. AXA Financial will receive roughly 70% of the purchase price in the form of about 25 million Credit Suisse shares, the valuation of which is not yet being released, said AXA Financial spokeswoman Barbara Wilkoc.

The rest of the purchase price will be a $2.3 billion cash payment to AXA Financial from Credit Suisse. As part of the terms of the deal, Credit Suisse later plans to buy back about $1.2 billion of its shares from AXA Financial. DLJ has about 128 million shares outstanding. The...

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