TORONTO, Aug. 30, 2024 /CNW/ - Scotiabank announced today that it has completed its acquisition of approximately 4.9% pro-forma ownership stake in KeyCorp through newly issued common shares at a price of US$17.17 per share. The cash consideration is approximately US$0.8 billion.

Scotiabank previously announced on August 12, 2024, that it had entered into an agreement to acquire an approximate 14.9% pro-forma ownership stake in KeyCorp. Subject to regulatory approvals, the additional investment of approximately 10% (for a total pro-forma ownership of approximately 14.9%) is expected to close in fiscal 2025.

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SOURCE Scotiabank