India, May 28 -- The Bank of N.T. Butterfield & Son Ltd. (NTB), on Thursday announced an agreement to acquire Canadian Imperial Bank of Commerce's (CM, CM.TO) 91.7% stake in CIBC Caribbean Bank Ltd. in a transaction valued at about $1.8 billion.
The company said the transaction is expected to close in the first half of 2027.
The consideration comprises $1.091 billion in cash and $703 million in Butterfield shares, representing an aggregate purchase price of $1.794 billion, or $1.14 per CIBC Caribbean share.
The company said the deal is expected to generate about 12% accretion to earnings per share and about 15% accretion to cash earnings per share in the first year, excluding integration-related costs.
Under the agreement, the company w...