secwatch.observer — SEC 8-K summary
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Issuer:     KEYCORP /NEW/ (KEY)
CIK:        0000091576
Form:       8-K
Filed at:   2024-08-13T23:59:59+00:00
Accession:  0001193125-24-199332
Event type: other_material
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

KeyCorp enters $2.8B investment deal with Scotiabank for up to 14.9% stake at $17.17/share
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- Scotiabank to purchase KeyCorp common shares at $17.17 each for aggregate ~$2.8B across two closings.
- First closing: 4.9% stake after HSR clearance; second closing: up to 14.9% after bank regulatory approvals.
- Scotiabank gets board representation – two directors after second closing; voting restrictions until <5% ownership.
- Lock-up period until first anniversary of second closing; standstill for up to 5 years or until ownership <19.99%.
- Registration rights, pre-emptive rights, and right of first offer granted to Scotiabank.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/91576/000119312524199332/0001193125-24-199332-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/91576/000119312524199332/d750641d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-199332

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer