First National Financial Corporation (FN.TO) on Wednesday said it has received a "no-action letter" from the Commissioner of Competition for its previously announced plan of arrangement under the Ontario Business Corporations Act.
Under the plan, a new acquisition vehicle controlled by private equity funds managed by Birch Hill Equity Partners and Brookfield Asset Management will acquire all outstanding shares of First National—except for certain shares held by founders Stephen Smith and Moray Tawse—for C$48 per share in cash.
The no-action letter satisfies the Competition Act condition for closing the arrangement, which was part of the agreement signed on July 27, 2025.
With all closing conditions satisfied, the arrangement is expected to close in October 2025.
As previously announced, upon closing, First National will redeem its Series 3, Series 4, and Series 5 senior unsecured notes due between 2025 and 2027.
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