Tuesday, April 23, 2024

Sagicor sale a done deal

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Sagicor Financial Corporation Limited’s (SFCL) acquisition by Canada’s Alignvest Acquisition II Corporation (AQY) is now a done deal, and the new entity, Sagicor Financial Company Ltd (Sagicor), says it has US$440 million in cash to spend.

However, Barbadians and others who opted to hold onto their Sagicor shares instead of receiving cash will have to open brokerage accounts in Canada if they want to trade their stock on the Toronto Stock Exchange.

That is because Sagicor’s stock will no longer be trading on stock exchanges in Barbados, Trinidad and Tobago and London as it is delisting from those markets.

Yesterday Sagicor and AQY jointly announced the closing of their US$536 million “business combination transaction”, which they said involved “the transfer of all issued and outstanding shares of SFCL to AQY in exchange for shareholders of SFCL receiving cash or shares of AQY”.

Officials said Sagicor “will retain overUS$440 million of net cash and will be exceptionally well capitalised”. The company “expects to utilise the cash for growth and for capital optimisation purposes”.  (SC/PR)

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