Bank of American said Wednesday that it had reached a deal to sell its stake in the springfield, Ohio-based bank to a group of investors led by private equity firm Silver Lake Capital.
The group is led by New York City-based investment group WL Partners, according to a statement.
The sale was finalized on Tuesday.
Bank of Americans shares are up nearly 9% in after-hours trading.
The deal is expected to close by the end of the year.
The company said it would retain its leadership role in the business.
The transaction includes a 49% stake in Springfield Bank, while the remaining 48% will be held by the investment group.
Bank Of America is part of a $50 billion private equity group led by billionaire George Soros.
It is the largest private equity deal in the U.S. since Blackstone, a private equity company, bought the stake of Blackstone Capital Group in 2013.
The buyout of the bank, which is headquartered in Cincinnati, Ohio, is expected in the coming months.
Bank officials did not provide details on the group’s ownership or plans.
Bank executives said the deal was designed to “reduce the risk” of another bankruptcy.
Bank’s Springfields assets include about $2.4 trillion in assets and about $4 trillion of deposits, according the Wall Street Journal.
The bank was founded in 1855 by George B. Springfield, a former bank president.
The institution has about $50 trillion in total assets, according its website.
Bank spokeswoman Nicole Grosjean said the bank’s leadership team had recently worked on the acquisition, including the acquisition of its corporate headquarters and offices in Cincinnati.
The Springfield Group’s ownership group includes the Chicago Board Options Exchange, the Chicago Mercantile Exchange and the New York Stock Exchange.
Bank is one of the largest banks in the United States.
It has assets of about $25 trillion.
