Scotiabank completed the acquisition of a 20 per cent equity interest in the financial services business of Canadian Tire Corporation, Limited for $500 million in cash.
As part of the new business partnership, Scotiabank has agreed to provide a funding commitment to the financial services business of up to $2.25 billion and the parties have entered into a marketing program agreement to pursue joint marketing initiatives.
Canadian Tire was represented by in-house counsel Robyn Collver, General Counsel, Canadian Tire Corporation, Limited and William Zeyl, Chief Counsel, Canadian Tire Financial Services. Blake, Cassels & Graydon LLP advised Canadian Tire with a team including Paul Belanger (regulatory); Jake Gilbert, Melanie Sanchez, Tricia Kuhl, Thomas Rowe, Matt Mundy and Tamara Nachmani (corporate); Jeffrey Trossman, Jeffrey Shafer, Allan Gelkopf and Zvi Halpern-Shavim (tax); Nathan Cheifetz (financing) and Andrea York (employment and labour). On matters relating to the funding commitment, Canadian Tire was represented by Michael McConnell and Dean Masse (securitization) of McCarthy Tétrault LLP and Bruce Clark and Charles Newman (financing) of Cassels Brock & Blackwell LLP.
Scotiabank was represented by in-house counsel, Deborah Alexander, Executive Vice President, General Counsel and Secretary, Anita Mackey, Senior Vice President & Associate General Counsel and Colin Levere, Senior Legal Counsel, Mergers & Acquisitions. Torys LLP advised Scotiabank with a team including Ian Arellano, Adam Armstrong, (Ricco) A.S. Bhasin, Paulina Taneva, Ebad Rahman, Melissa Prado, Jonah Goldberg, Jacob Weinstock, Rob Shaw and Geoff Kelsall (corporate); Jerald Wortsman and Richard Johnson (tax); Blair Keefe and Eli Monas (regulatory); Jim Hong (securitization); Adam Delean and Simon Williams (financing) and Susan Nickerson (employment and labour).