Spain's Santander buys Canada's Carfinco for $269 million
MADRID (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 (166.38 million pounds).
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.
(Reporting by Paul Day; editing by Jason Neely)
