December 05, 2017
Torys is representing Scotiabank with a team led by (Ricco) A.S. Bhasin and including Konata Lake, Kevin Armitage, Selam Ibrahim and Jessica He (corporate/M&A).
On November 28, 2017, Scotiabank announced that it submitted a binding offer to acquire Banco Bilbao Vizcaya Argentaria, S.A.'s (BBVA) shares in BBVA Chile, of which it owns 68.19%, for approximately US$2.2 billion (C$2.9 billion). BBVA is willing to accept the offer, if BBVA's minority partner, the Said family, who owns 31.62% of BBVA Chile, does not exercise its Right of First Refusal under the shareholders agreement between BBVA and the Said family.
Scotiabank announced that the offer was formally accepted by BBVA on December 5, 2017. The Said family waived its Right of First Refusal to acquire BBVA's shares of BBVA Chile, but maintains the right to tender all or a portion of its shares in the mandatory tender offer, required under Chilean law, to be carried out by Scotiabank. The Said family has indicated their willingness to potentially remain in the business and, if so, would invest up to approximately US$500 million (C$650 million) in order to own up to 25% of the combined business when Scotiabank Chile and BBVA Chile are merged.
BBVA Chile has $29 billion in assets and has 4,000 employees at 127 branches.
Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific.
BBVA is global financial group with a diversified business providing financial services in more than 30 countries to 72 million customers. It is a leading bank in the Spanish market and the biggest financial institution in Mexico. BBVA also has leading franchises in South America and the Sunbelt region in the U.S.
Further information can be found on Canada Newswire’s website.