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Thomas H Lee Buys $180M First BanCorp Stake

Thomas H Lee Partners will acquire a 24.9% stake in First BanCorp, the bank holding company of FirstBank Puerto Rico.

Thomas H Lee Partners (THL) will acquire a 24.9% stake in First BanCorp, the bank holding company of FirstBank Puerto Rico. The U.S. private equity firm will pay $180 million for the stake.

The deal with Massachusetts-based THL is conditional upon Bancorp selling $500-550 million of common stock. First BanCorp is seeking to use the proceeds from the offering to boost its capital base to meet regulatory requirements and for general corporate purposes.

Click here for the release from Business Wire.

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