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Equity Financial Holdings Inc Sells Transfer Agent And Corporate Trust Business To TMX Group Ltd

Wednesday, 13 Feb 2013 07:30am EST 

Equity Financial Holdings Inc announced that it had reached an agreement with TMX Group Ltd to sell its transfer agent and corporate trust business. Equity has made the strategic decision to focus on its rapidly growing retail mortgage lending and deposit-taking business.Under the terms of the agreement, TMX Group will acquire Equity's transfer agent and corporate trust business for $64 million payable in cash at closing, subject to certain post-closing price adjustments. With 700 transfer agent clients, the business serves companies from its offices in Toronto, Vancouver, Calgary and Montreal. A critical component of the transfer agent and corporate trust business is the highly skilled and experienced management and client service teams, who will be joining TMX Group. The agreement is subject to certain conditions, including Equity shareholder approval, which will be sought at the annual and special meeting of shareholders, planned for late March or early April. 

Company Quote

0.28 +3.01%
30 Jan 2015