Butterfield Shares Climb On $1.8 Billion CIBC Caribbean Acquisition

Bank of N.T. Butterfield announced a $1.8 billion acquisition of CIBC's 91.7% stake in CIBC Caribbean Bank Limited, comprising $1.091 billion in cash and $703 million in stock. The deal is expected to create a combined entity with ~$29 billion in assets, deliver ~12% GAAP EPS accretion in year one, and generate $49 million in annual cost savings by 2030. The transaction is expected to close in H1 2027, subject to regulatory approvals.