Scotiabank to invest ~$2.8B in KeyCorp at $17.17/share; 14.9% stake; pro forma CET1 12.4%

KEYCORP /NEW/

Scotiabank will invest ~$2.8B in KeyCorp at $17.17/share for ~14.9% pro forma common ownership.
Investment raises KeyCorp's pro forma CET1 ratio by 195 bps to 12.4% and increases tangible book value per share by >10%.
Initial $0.8B tranche (4.9% stake) expected upon HSR expiration end of Aug 2024; $2.0B tranche after Federal Reserve approval expected Q1 2025.
KeyCorp intends to evaluate repositioning of AFS securities portfolio to accelerate profitability & liquidity; net CET1 range 11.3%-11.6%.
Transaction expected to be low single-digit accretive to 2025 EPS and slightly accretive to 2026 EPS.

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