Brief: Definity, Mcdougall Partner To Acquire Drayden

Definity Financial

13/06/2023 13:28

June 13 (Reuters) - Definity Financial Corp  DFY.TO :
    * DEFINITY AND MCDOUGALL PARTNER TO ACQUIRE DRAYDEN AND
EXPAND
THEIR INSURANCE BROKER PLATFORM INTO ALBERTA
    * DEFINITY FINANCIAL - ENTERED INTO AGREEMENT TO ACQUIRE
100% OF
DRAYDEN INSURANCE LTD. FOR $208 MILLION, SUBJECT TO CLOSING AND
POST-CLOSING ADJUSTMENTS
    * DEFINITY FINANCIAL CORP - TRANSACTION WILL BE FUNDED BY
DEFINITY, THROUGH MCDOUGALL, USING A COMBINATION OF EXCESS
CAPITAL AND DEBT
    * DEFINITY FINANCIAL CORP - AFTER ACCOUNTING FOR ALL RELATED
TRANSACTIONS, DEFINITY'S OWNERSHIP INTEREST IN MCDOUGALL WILL
INCREASE TO APPROXIMATELY 78%
    * DEFINITY FINANCIAL CORP - TRANSACTION IS EXPECTED TO BE
IMMEDIATELY ACCRETIVE TO DEFINITY'S OPERATING ROE AND OPERATING
EARNINGS PER SHARE
    * DEFINITY FINANCIAL CORP - ACQUISITION IS EXPECTED TO CLOSE
IN Q3
OF 2023
    * DEFINITY FINANCIAL-AFTER CLOSING OF DRAYDEN TRANSACTION,
MCDOUGALL WILL HAVE OVER $860 MILLION IN ANNUAL PREMIUMS WITH
860 EMPLOYEES IN 65 OFFICE LOCATIONS

Source text for Eikon:  ID:nCNWWlmc5a 
Further company coverage:  DFY.TO 

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