Torys, Carey and Philippi Prietocarrizosa Ferrero DU & Uría advised on the deal
Scotiabank submitted a binding offer to acquire Banco Bilbao Vizcaya Argentaria, S.A.’s (BBVA) shares in BBVA Chile, which BBVA is willing to accept if BBVA’s minority partner, the Said family, does not exercise its Right of First Refusal under the shareholders agreement between BBVA and the Said family.
BBVA owns 68.19% of BBVA Chile and the Said family owns 31.62% of BBVA Chile. Scotiabank has offered to acquire BBVA’s interests in BBVA Chile, and certain subsidiaries, for approximately US$2.2 billion (CAD$2.9 billion).
Pursuant to the mandatory tender offer for all the shares of BBVA Chile required under Chilean law or the Said family’s tag-along rights under the shareholders agreement of BBVA Chile, the Said family has the right to sell its shares of BBVA Chile on the same basis to Scotiabank. Scotiabank’s Common Equity Tier 1 capital ratio would be impacted by approximately 135 basis points, if the transaction is completed and the Said family tenders/sells all of its shares to Scotiabank.
Scotiabank is Canada’s international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. We are dedicated to helping our 24 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 88,000 employees and assets of over $906 billion (as at July 31, 2017), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS).
Torys advised Scotiabank with A.S. Bhasin (Picture), Konata T. Lake, Kevin Armitage, Selam Ibrahim and Jessica He.
Carey advised Scotiabank with Felipe Moro, Cristián Eyzaguirre, Jessica Power, Fernando Noriega, Manuel José Garcés and Loreto Ribera.
Philippi Prietocarrizosa Ferrero DU & Uría advised BBVA with Juan Francisco Gutiérrez, Guillermo Infante, Paulina Miranda, Constanza Rodríguez, Diego Bunster, Sebastián Melero, María Luisa Marracinni and Javiera Suazo.
Involved fees earner: Felipe Moro – Carey; Cristián Eyzaguirre – Carey; Fernando Noriega – Carey; Loreto Ribera – Carey; Manuel José Garcés – Carey; Jessica Power – Carey; Juan Francisco Gutiérrez – Philippi Prietocarrizosa Ferrero DU & Uría; Constanza Rodríguez – Philippi Prietocarrizosa Ferrero DU & Uría; Diego Bunster Echenique – Philippi Prietocarrizosa Ferrero DU & Uría; Sebastián Melero Donoso – Philippi Prietocarrizosa Ferrero DU & Uría; Guillermo Infante Cortés – Philippi Prietocarrizosa Ferrero DU & Uría; María Luisa Marraccini Sierra – Philippi Prietocarrizosa Ferrero DU & Uría; Javiera Suazo – Philippi Prietocarrizosa Ferrero DU & Uría; Paulina Miranda Valenzuela – Philippi Prietocarrizosa Ferrero DU & Uría; A.S. Bhasin – Torys LLP; Konata Lake – Torys LLP; Kevin Armitage – Torys LLP; Selam Ibrahim – Torys LLP; Jessica He – Torys LLP;