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