Caribbean Investment Holdings (CIHL) has agreed to acquire Scotiabank Belize (SBL) from Scotiabank Caribbean Holdings (SCHL), a subsidiary of Scotiabank
Under the deal terms, CIHL will acquire all of Scotiabank’s licenced banking operations in Belize by acquiring entire shares of SBL.
CIHL has agreed to pay an initial purchase price of up to $30.5m million for the acquisition. This includes SBL’s shareholder equity of $28.5m and a premium of $1.5m.
Apart from the initial purchase price, CIHL has also agreed to make an additional payment of $4.5m if the shareholders’ equity value exceeds $28.5m before closing the deal.
This amount will be paid in Belize dollars, according to the underlying conditions of the deal.
Moreover, the deal terms also mandate that the maximum value of the deal cannot exceed $35m.