CIBC has obtained all necessary regulatory approvals for its proposed acquisition of Chicago-based PrivateBancorp.

Under the arrangement, shareholders of PrivateBancorp would receive $27.20 in cash and 0.4176 of a CIBC share for each of their shares. The deal is expected to be wrapped up on 23 June 2017.

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CIBC agreed to acquire PrivateBancorp, a middle market commercial, private banking and wealth management firm, for $3.8bn in June 2016.

In May 2016, CIBC sweetened its bid for PrivateBancorp, taking the deal value to around $4.9bn. The deal was approved by PrivateBancorp shareholders last month.

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