CIBC Acquires Minority Stake in Bermuda-based Bank

On March 2, 2010, Canadian Imperial Bank of Commerce announced that it had acquired a 22.5 per cent interest in Bermuda-based The Bank of N.T. Butterfield & Son Limited as part of a $1.05 billion recapitalization transaction. In connection with the recapitalization, CIBC invested $150 million in equity and committed to participate in a $500 million senior secured liquidity facility. Certain funds managed by The Carlyle Group and other institutional investors invested $400 million as part of the transaction.

CIBC was represented by Robert Richardson, VP & Associate General Counsel and Frank Vivacqua, Assistant General Counsel. Mayer Brown LLP and Appleby acted as external counsel to CIBC and The Carlyle Group. Mayer Brown's team included James Carlson, Philip Brandes, Reb Wheeler and Gregory Conroy and Appleby's team included Alison Dyer-Fagundo and Christopher Brough.

The Bank of N.T. Butterfield & Son Limited was represented by Tonya Marshall, SVP, General Counsel & Secretary to the Board. Skadden, Arps, Slate, Meagher & Flom LLP acted as external counsel with a team that included William Rubenstein, David Ingles and Sven Mickisch.


Frank Vivacqua James B. Carlson Robert J. Richardson David C. Ingles


Mayer Brown LLP Appleby Hunter Bailhache Skadden, Arps, Slate, Meagher & Flom LLP