Scotiabank acquires Jarislowsky Fraser

On February 12, 2018, Scotiabank and Jarislowsky Fraser announced that Scotiabank will acquire Jarislowsky Fraser, a combination that will create the third‐largest Canadian active asset manager with C$166 billion in assets under management, as of December 31, 2017.

The purchase price payable at closing of approximately C$950 million will be satisfied primarily by the issuance of Scotiabank common shares. An earn-out of up to C$56 million in additional Scotiabank common shares may be paid based on achieving growth targets.

Scotiabank announced the completion of the transaction on May 1, 2018.

Jarislowsky, Fraser is one of Canada's leading independent investment management firms, managing the portfolios of pension funds, foundations and endowments, corporations and individuals in Canada, the United States and internationally—representing more than C$40 billion in assets under management.

Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific.

Further information can be found on Canada Newswire's website.