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  • Bloomberg2 years ago

    Banco Santander Buys Carfinco Financial for $269 Million

    Banco Santander SA, Spain’s biggest bank, agreed to buy Canadian car-financing company Carfinco Financial Group Inc. (CFN) for about C$298 million ($269 million). Santander will pay C$11.25 per share, representing a premium of 32 percent on the share price over the past 90 days of trading, the Santander, Spain-based lender said in a statement today. Carfinco shares closed at C$8.59 yesterday, up 0.5 percent on the day. “We are excited to sign this agreement with Carfinco, which allows us to enter a market with good growth potential such as Canada, where we hope to reach agreements with other car manufacturers like those we have signed in other countries,” said Juan Rodriguez Inciarte, senior executive vice president and head of strategy at Banco Santander.

  • Reuters2 years ago

    Spain's Santander buys Canada's Carfinco for $269 mln

    Spanish bank Santander said on Tuesday it had reached an agreement to acquire the Canadian business of auto-financing company Carfinco for C$298 million ($269.3 million). Santander will pay C$11.25 in cash per share for the business, a 32 percent premium to the volume-weighted average price over the last 90 trading days, the bank said in a statement to the Spanish market regulator. Carfinco will pay a special dividend to shareholders at the close of the deal as part of the agreement, the bank said.