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Provider: Reuters Investment Profile
Provider: Thomson Reuters Stock Report
Provider: Thomson Reuters StreetEvents

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Laurentian Bank of Canada's B2B Trust Announces Acquisition Of AGF Trust

Wednesday, 6 Jun 2012 08:55am EDT 

Laurentian Bank of Canada's B2B Trust and AGF Management Limited announced that they have entered into an agreement under which B2B Trust will acquire 100% of AGF Trust Company (AGF Trust) in a share purchase transaction. B2B Trust will acquire AGF Trust for a cash consideration corresponding to the net book value of the Company at closing of approximately $242 million. AGF Trust currently provides GICs, term deposits, investment loans and real estate secured loans through some 20,500 financial advisors and 1,050 mortgage brokers nationwide. The agreement also includes a contingent consideration of a maximum of $20.0 million over five years if credit quality reaches certain criteria. As well, B2B Trust will cause AGF Trust, immediately after closing, to repay subordinated indebtedness owed to and redeem preferred shares held by AGF Management Limited, for total consideration of $173.5 million. The transaction is expected to close in August 2012 subject to applicable regulatory notifications and approvals. 

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-0.14 -1.11%
17 Apr 2014