Scotiabank completes acquisition of MD Financial Management

On May 31, 2018, Scotiabank and the Canadian Medical Association (CMA) announced that Scotiabank will acquire MD Financial Management (MD) for a purchase price of C$2.585 billion, payable in cash at closing.

To fund a portion of the purchase price, Scotiabank agreed to sell 22,655,000 common shares at C$76.15 per share on a bought deal basis for gross proceeds of C$1,725,178,250. The common shares issued included 2,955,000 shares purchased by the underwriters pursuant to the over-allotment option exercised in full by the underwriters.

At the closing of the acquisition, which was announced on October 3, 2018, Scotiabank and CMA entered into a 10-year collaboration pursuant to which CMA will exclusively promote Scotiabank as the preferred provider of financial products and services to physicians and their families in Canada and, as part of the arrangement, both parties will jointly support philanthropic initiatives and other programs for physicians and the communities they serve.

MD Financial Management is Canada's leading provider of financial services to physicians and their families, with more than C$49 billion in assets under management and administration.

Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, Europe and Asia-Pacific.

The Canadian Medical Association unites 85,000 physicians and physicians-in-training on national health and medical matters.

Further information can be found on Canada Newswire's website.