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

Tue Sep 16, 2014 2:54am EDT
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MADRID, Sept 16 (Reuters) - 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.

The sale remains subject to regulatory approval.

(1 US dollar = 1.1067 Canadian dollar) (Reporting by Paul Day; editing by Jason Neely)