Banco Santander Buys Carfinco Financial for $269 Million

Banco Santander SA, Spain’s biggest bank, agreed to buy Canadian car-financing company Carfinco Financial Group Inc. for about C$298 million ($269 million).

Santander will pay C$11.25 per share, representing a premium of 32 percent on the share price over the past 90 days of trading, the Santander, Spain-based lender said in a statement today. Carfinco shares jumped as much as 33 percent to C$11.42, giving it a market value of C$302.6 million.