Parties
Company
Canadian Tire Corporation, Limited
Bank
Scotiabank
Canadian Tire Corporation (CTC) has completed the repurchased Scotiabank's 20 percent stake in Canadian Tire Financial Services (CTFS) in an all-cash transaction valued at $895 million. The $895 million consideration will be funded by CTC's existing short-term funding channels, supplemented by a $400 million, 18-month term loan from Desjardins Capital Markets. The deal restores CTC's full ownership of its financial services arm. Scotiabank will continue to provide a committed credit facility of $1.1 billion to CTFS for the next 18 months.
Deal Type
Merger & AcquisitionIndustry
Banking/FinanceTransaction
$ 895,000,000Deal Status
ClosedClosing Date
31 October 2023