Merger and Acquisition Activities Taking Place Around the Globe: Scotiobank, Banco Colpatroia, Switchcraft, HEICO, Cisco, BNI Video
Thursday, October 20, 2021 12:08 PM

Amidst news of General Moammar Gaddafi’s death and pessimism around a solution to the European debt crisis, a host of merger and acquisition activities are taking place around the globe. 

Scotiobank Acquires 51 Percent Stake in Banco Colpatroia

Canada based Scotiobank announced it has agreed to pay U.S. $500 million and 10 million shares in exchange of 51 percent of the common shares of Columbia based Banco Colpatroia, Colombia’s fifth largest bank with assets of U.S. $6.2 billion and deposits of U.S. $4.2 billion. The transaction is subject to regulatory approval and will be accretive to earnings from fiscal year 2011.The deal will allow Scotiobank to expand and explore opportunities in Columbia. The total deal is worth approximately U.S. $1 billion and is expected to close by December 2011. Rick Waugh, president and CEO of Scotiabank said, “We are pleased to be partnering with Mercantil Colpatria a well-established and well-regarded Colombian conglomerate that has successfully led the growth of Banco Colpatria for more than 40 years. We look forward to the success we will achieve by combining the unique strengths of our two companies and focusing on our future growth in Colombia ."


Switchcraft to be Bought by HEICO

Florida based HEICO Corp., which is engaged primarily in niche segments of the aviation, defense, space, medical, telecommunication and electronic industries, announced today that its Electronic Technologies Group has entered into a definitive agreement to acquire Chicago-based Switchcraft Inc., through purchase of  all of the stock of  Switchcraft Holdco, Switchcraft’s parent company. The financial terms of the deal were not disclosed.


Cisco Agrees to Buy BNI Video

Cisco Systems Inc., a networking company, announced that it’s buying privately held BNI Video for U.S. $99 million in cash, plus certain retention-based employee incentive. Cisco said that BNI makes “two major video products that offer video back-office and content delivery network analytic capabilities.” The deal is set to close in January 2012.