Caisse de dépôt et placement du Québec (“CDPQ”) completed the subscription of $500 million of subscription receipts of National Bank of Canada (“NBC”), on a private placement basis, before giving effect to the additional 15% subscription option granted by NBC to CDPQ.
The private placement was completed concurrently with the closing of a $500 million bought deal public offering of NBC subscription receipts.
The private and public offerings were completed in connection with NBC’s acquisition of Canadian Western Bank for approximately 5 billion by way of a share exchange. This acquisition will enable NBC to accelerate its growth across all its business lines in Canada and provide customers an expanded product and service offering nationwide, extensive branch network and common customer experience culture.
The net proceeds of the private and public offerings will be used by NBC following the closing of the acquisition to support its regulatory capital ratios, to fund any cash consideration and to pay transaction costs.
A Fasken team consisting of Marie-Josée Neveu, Jean-Pierre Chamberland and Julien Fournier advised CDPQ.
Jurisdiction
- Québec
