Smith Financial completed its plan of arrangement under the Business Corporations Act (Ontario). Pursuant to the terms of the arrangement, a wholly-owned subsidiary of Smith Financial Corporation acquired all the issued and outstanding shares of Home Capital Group that Smith Financial Corporation did not already own for $44.28 in cash per share.
Now operating as a Smith Financial Corporation company, Home Capital will maintain its focus on delivering to customers and business partners and leveraging its work culture.
“For many reasons, including the strength of Home’s brand among mortgage brokers, deposit brokers and hundreds of thousands of customers across Canada, we are delighted to welcome this market-leading company and its hard-working team into the Smith Financial Corporation family,” Stephen Smith, founder and CEO of Smith Financial, said. “Home Capital is a strategic holding for us, and we will give our support to preserve, protect and advance Home’s place in the industry under its dedicated leadership. We look forward to collaborating with all Home stakeholders as a committed long-term owner.”
