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KeyCorp 8-K Report, Corporate Update (Aug 30, 2024)

Reports
Other Events·Exhibits & Filings
Filing Date
Filed August 30, 2024
Period End
August 30, 2024
In the record · 2016–202610-K1110-Q348-K141

KEY filed 11 annual reports (10-K), 34 quarterly reports (10-Q) and 141 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Aug ’16Aug ’16
  2. Leadership change8-K · Dec ’21Dec ’21
  3. Leadership change8-K · May ’26May ’26

01—Abstract

Summary

Summary of the 8-K filed August 30, 2024. Cited figures are marked; the original filing is the authoritative source.

KeyCorp (KEY) filed this Form 8-K on August 30, 2024 to report that The Bank of Nova Scotia (Scotiabank) completed the initial purchase of KeyCorp common stock under the investment agreement previously announced on August 12, 2024.

Scotiabank invested approximately $0.8 billiona, and following this purchase it owns approximately 4.9% of KeyCorp's common stock. The filing discloses this under Item 8.01 (Other Events) and attaches a press release as Exhibit 99.1. According to the attached press release, the full strategic minority investment is approximately $2.8 billion, representing approximately 14.9% pro forma common stock ownership, at a fixed price of $17.17 per share.

The parties expect to complete the remaining purchase of approximately $2.0 billionb upon receipt of Federal Reserve approval, which is expected to occur in the first quarter of 2025. The press release states that KeyCorp had assets of approximately $187 billion at June 30, 2024, and operates through KeyBank National Association in 15 states with approximately 1,000 branches and approximately 1,200 ATMs, with KeyBanc Capital Markets serving middle-market companies in selected industries.

02—Key points

Key Highlights

  1. Scotiabank completed the initial purchase of KeyCorp common stock for approximately $0.8 billion, bringing its stake to approximately 4.9% of common stock.
  2. The full strategic minority investment totals approximately $2.8 billion, representing approximately 14.9% pro forma common stock ownership.
  3. The fixed price per share is $17.17.
  4. The remaining purchase of approximately $2.0 billion is subject to Federal Reserve approval, which is expected in the first quarter of 2025.
  5. The investment agreement was originally announced on August 12, 2024.
  6. KeyCorp reported assets of approximately $187 billion at June 30, 2024.
  7. KeyCorp operates in 15 states through approximately 1,000 branches and approximately 1,200 ATMs.

03—Questions

Frequently Asked Questions

  1. How much has Scotiabank invested in KeyCorp so far?

    Scotiabank has completed the initial purchase of KeyCorp common stock with an investment of approximately $0.8 billion, bringing its ownership to approximately 4.9% of common stock.

  2. What is the total size of the Scotiabank strategic investment?

    According to the attached press release, the total strategic minority investment is approximately $2.8 billion, representing approximately 14.9% pro forma common stock ownership, at a fixed price of $17.17 per share.

  3. When will the remaining Scotiabank investment be completed?

    The parties expect to complete the final purchase of approximately $2.0 billion upon receipt of Federal Reserve approval, which is expected to occur in the first quarter of 2025.

  4. What is the price Scotiabank is paying for KeyCorp shares?

    Scotiabank is purchasing KeyCorp common stock at a fixed price of $17.17 per share.

04—Continue

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