On February 12, 2018, Scotiabank announced that it had agreed to acquire Jarislowsky, Fraser Limited.
Scotiabank agreed to acquire Jarislowsky, Fraser Limited (“Jarislowsky”) for approximately $950 million paid by Scotiabank issuing common shares with an earn-out of up to $56 million in additional issued shares paid subject to achieving certain growth targets. Scotiabank will offset the issuance by repurchasing a similar amount of shares over 12 to 18 months following closing. The Jarislowsky management team will continue to lead its existing business and its head office will remain in Montreal. Stephen A. Jarislowsky will continue to be associated with the business and the business will continue to carry his name and retain investment autonomy. The transaction is expected to close in Q3 of 2018, subject to customary regulatory approvals.
Scotiabank (TSX:BNS)(NYSE:BNS) is a Canadian bank with a broad range of products and services including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. Scotiabank has over $915 billion in assets under management.
Jarislowsky is a Montreal-based investment management firm managing the portfolios of pension funds, foundations and endowments, corporations, and individuals. Jarislowsky represents more than $40 billion in assets under management.
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