Bank of Nova Scotia

BNS: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 85.00	Zgsplyl	Vfqfvdvp

Bank of Nova Scotia Plans to Acquire 14.9% Stake in KeyCorp

Michael Miller

Aug 12, 2024

Narrow-moat-rated Bank of Nova Scotia announced that it intends to acquire a 14.9% stake in KeyCorp at $17.17 per share, an 11% premium to the 20-day weighted average price. The transaction will be completed in two stages, with Scotiabank acquiring 4.9% of KeyCorp in 2024 and the remainder in 2025, pending regulatory approval. As part of the deal, Scotiabank will be able to select two board members once the second part of the transaction is completed.

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