Scotiabank’s $2.8 Billion Acquisition of an Equity Interest in KeyCorp

On August 12, 2024, Scotiabank announced that it has entered into an agreement to acquire an approximate 14.9% pro-forma ownership stake in KeyCorp, a premier U.S. based financial services company, through an issuance of common shares at a price of $17.17 per share. The total cash consideration is approximately $2.8 billion. Cravath is representing Scotiabank in connection with the transaction.

The Cravath team is led by partners Claudia J. Ricciardi, Michael E. Mariani and Faiza J. Saeed and includes associate Patrick S. Taylor and foreign associate attorney Alessia Grassi on M&A matters; partner Jelena McWilliams, of counsel Will C. Giles, and associates Caroline B. Shinkle and Jonathan A. Gordon on financial institutions matters; partner Andrew J. Pitts and associate Kelly N. King on capital markets matters; partner Ron Creamer on tax matters; partner Jonathan J. Katz and associate Celine Li on executive compensation and benefits matters; partner David J. Kappos and associate Leslie Liu on intellectual property matters; and partner Jesse M. Weiss and of counsel Nicole M. Peles on antitrust matters.