The company said The Bank of Nova Scotia completed the initial purchase of KeyCorp common stock on August 30, 2024, under the investment agreement announced on August 12, 2024, with an investment of approximately $0.8 billion, and now owns approximately 4.9% of KeyCorp common stock.

8-KOther EventsFiled Aug 30, 2024Period of report Aug 30, 2024Summary published (UTC) Oct 29, 2026

Key points

AI summary

The company said The Bank of Nova Scotia completed the initial purchase of KeyCorp common stock on August 30, 2024, under the investment agreement announced on August 12, 2024, with an investment of approximately $0.8 billion, and now owns approximately 4.9% of KeyCorp common stock.
The company said Scotiabank will make a strategic minority investment of about $2.8 billion under the agreement announced on August 12, 2024, representing about 14.9% pro forma common stock ownership, at a fixed price of $17.17 per share.
KeyCorp said the parties expect to complete the final purchase of about $2.0 billion upon Federal Reserve approval, which is expected to occur in Q1 2025.
The company said that as of August 30, 2024, Scotiabank held about 4.9% of KeyCorp common stock following the initial purchase, and that about $0.8 billion of the total $2.8 billion investment agreement had been completed.

Summary

AI-written

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

Key Highlights

The company said The Bank of Nova Scotia completed the initial purchase of KeyCorp common stock on August 30, 2024, under the investment agreement announced on August 12, 2024, with an investment of approximately $0.8 billion, and now owns approximately 4.9% of KeyCorp common stock.

Source · Based on the filing body and exhibits

Total $2.8 billion Investment Agreement

The company said Scotiabank will make a strategic minority investment of about $2.8 billion under the agreement announced on August 12, 2024, representing about 14.9% pro forma common stock ownership, at a fixed price of $17.17 per share.

Source · Based on the filing body and exhibits

Final Purchase Timing and Approval Conditions

KeyCorp said the parties expect to complete the final purchase of about $2.0 billion upon Federal Reserve approval, which is expected to occur in Q1 2025.

Source · Based on the filing body and exhibits

Scotiabank Ownership After Investment

The company said that as of August 30, 2024, Scotiabank held about 4.9% of KeyCorp common stock following the initial purchase, and that about $0.8 billion of the total $2.8 billion investment agreement had been completed.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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