Washington Mutual Inc. on Monday said it agreed to buy credit card issuer Providian Financial Corp. for $6.5 billion, expanding its focus on middle-market consumers.
The stock-and-cash transaction values Providian at $18.71 per share, a 4.2 percent premium over its closing price on Friday. The transaction is expected to close in the fourth quarter and add to profit within one year, Washington Mutual said.
