Scotiabank Sells Canadian Tire Unit Stake for $647 Million
A Canadian Tire store in Victoria, British Columbia.
Photographer: James MacDonald/BloombergThis article is for subscribers only.
Canadian Tire Corp. bought back a 20% stake in its financial-services business from Bank of Nova Scotia in a C$895 million ($647 million) all-cash transaction.
The Toronto-based retailer also said it will work next year with Goldman Sachs Group Inc. to evaluate strategic options for Canadian Tire Financial Services, which it said is now the seventh-largest credit-card issuer in Canada, with 2.3 million cardholders. The business generates C$442 million of income before taxes, Canadian Tire said.