A $2.9 billion deal to buy a cooling tower at JPMorgan Chase & Co. was announced Wednesday, after the bank raised its price target from $1.60 to $2 a share.
It will buy the tower for $1 billion and put up $1,000,000 in financing.
The tower, which has an elevator and an open-air auditorium, is one of the largest in the country and is expected to bring in billions of dollars annually in revenue.
JPMorgan Chase & Co. said in its IPO filing that the tower will be built in China and will employ more than 1,200 people.
The bank raised the price target on the stock in late August and the price is now set at $2 in anticipation of its IPO.
The deal is expected give the bank more liquidity in a time of high debt levels and concerns about the economy.
The financial institution is the biggest U.S. bank by assets and was the biggest stockholder in Tesla Motors Inc., which recently sold its electric car business to China’s state-owned company.