UBS to buy Credit Suisse in historic deal to end crisis

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. The Swiss bank is paying more than $2 billion for its rival, according to people with knowledge of the matter. It will be an all-share deal and priced at a fraction of Credit Suisse’s close on Friday, when the bank was valued at about 7.

25 francs a share for Credit Suisse, which the firm had pushed back on, people with knowledge of the matter said earlier on Sunday. UBS agreed to a softening of a material adverse change clause that would void the deal if its credit default spreads jump, the FT also reported people familiar with the matter as saying. The material adverse change clause applies for the period between the signing and closing of the deal, the people said.

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