Under the deal terms, Caribbean Investment will acquire all of Scotiabank’s licenced banking operations in Belize by acquiring entire shares of Scotiabank Belize. Caribbean Investment has agreed to pay an initial purchase price of up to USD 30.5 million for the acquisition, including Scotiabank Belize’s shareholder equity of USD 28.5 million and a premium of USD 1.5 million.
Apart from the initial purchase price, CIHL has also agreed to make an additional payment of USD 4.5 million if the shareholders’ equity value exceeds USD 28.5 million before closing the deal. Moreover, the deal terms also mandate that the maximum value of the deal cannot exceed USD 35 million.
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