Bank of Nova Scotia in $300M Uruguay Deal
NEW YORK (
) -- Canadian-based
Bank of Nova Scotia
(BNS) - Get Report
has made a $300 million for investment in two South American lenders.
Advent International
agreed to sell its 54.92% stake in
Nuevo Banco Comercial
, a Uruguay-based lender and an 80% stake in
Pronto!
, a Uruguay-based credit company.
Advent, a Boston-based private equity group, sold the stakes for over $300 million according to a
The Wall Street Journal
report. An Advent spokeperson confirmed the deal but would not reveal the price.
Other investors in Nuevo Banco Comercial are
Morgan Stanley
(MS) - Get Report
Alternative Investment Partners,
Investment Strategic
,
Tecevall SA
and the
Netherlands Development Finance Company
.
Advent International owned its stake in Pronto! with
Grupo de Servicios y Transacciones S.A.
.
--Written by Maria Woehr in New York.
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