Carey Olsen advises Butterfield on landmark US$1.8 billion acquisition of CIBC Caribbean

The transaction brings together a combined business with approximately US$29 billion in assets, establishing a leading banking and wealth management platform spanning international financial centres and high-growth Caribbean markets.

Coordinated across 19 jurisdictions, the transaction is expected to significantly expand Butterfield and CIBC Caribbean's offering across their combined client base, including cross-border payments, consumer and merchant banking services, and digital banking infrastructure.

Carey Olsen Bermuda partners Alexander Collis and Michelle Falcucci led on the transaction, advising at a level of scale and complexity rarely seen in the offshore market and taking on a role typically associated with lead onshore counsel.

Alexander Collis commented: "This is a landmark transaction not just for Butterfield, but for the offshore legal market. Delivering a deal of this scale across 19 jurisdictions, alongside Sullivan & Cromwell, demonstrates that Carey Olsen Bermuda is at the forefront of complex, cross-border M&A. We are proud to have played a lead role in bringing this deal to completion for Butterfield."

Michelle Falcucci added: "Acting as joint lead counsel on a transaction of this scale and complexity requires not only multi-jurisdictional coordination, but a detailed understanding of how regulatory, transactional and structuring considerations intersect in practice.

"Our leading role on this matter highlights the depth of Carey Olsen’s expertise in navigating that complexity and delivering commercially focused advice on high-value, cross-border transactions, reinforcing our position as a trusted adviser on strategically significant deals. We are delighted to have supported Butterfield on this transformative transaction."

The Bermuda team supporting Alexander and Michelle comprised partner Michael Hanson JP, senior associates Thomas Connor, Charlotte Donnelly and Stephen Parnell, and associates Alex Gays, Jordan Powell and Marcus Symonds.

The firm's teams in the British Virgin Islands ("BVI"), Cayman Islands, Guernsey and Jersey also provided regulatory advice on the transaction. Those advising included partner Patrick Ormond and senior associate Angela Gizzi in the BVI; partner Dylan Wiltermuth, senior associate Evan Stitt, and articled clerk John-Ross Clough in the Cayman Islands; partner Annette Alexander and senior associate Colin Calvert in Guernsey; and partner James Willmott and associate Bethany Massey in Jersey.

Group managing partner of Carey Olsen, Michael Hanson, had praise for both Butterfield and the Carey Olsen team: "We are particularly proud of this transaction. Firstly, in respect of helping the Butterfield team with their impressive and ambitious strategic growth program, which is driving real value to all its stakeholders. Secondly, as being another clear demonstration of Carey Olsen's ability to apply a level of service that is more typical in large onshore firms into the Bermuda, Caribbean and wider offshore markets. This was a true team effort across multiple jurisdictions. Congratulations to all involved."

Carey Olsen Bermuda Limited is a company limited by shares incorporated in Bermuda and approved and recognised under the Bermuda Bar (Professional Companies) Rules 2009. The use of the title “Partner” is merely to denote seniority. Services are provided on the basis of our current terms of business, which can be viewed at: www.careyolsen.com/terms-business.