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Client Work

Mosaic Capital completion of $277 million all-cash transaction

Fasken
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Overview

Client

ATB Financial

On Aug. 5, 2021, Mosaic Capital Corporation (Mosaic) completed its sale to 2356430 Alberta Inc. (the Purchaser), a newly formed private company owned by an entity controlled by Fairfax Financial Holdings Limited and MCC Holdings Ltd. implemented through a statutory plan of arrangement under the Business Corporations Act (Alberta). The Purchaser acquired all of Mosaic’s outstanding common shares for $5.50 per share and all of its outstanding convertible unsecured subordinated debentures for a consideration of $1,000 plus accrued and unpaid interest for each $1,000 principal amount, in an all-cash transaction valued at approximately $277.3 million, inclusive of debt. As part of the transaction, ATB Financial refinanced certain outstanding indebtedness of Mosaic.

Fasken advised ATB Financial with a team led by Scott Sangster and included Ali Memon.

Jurisdiction

  • Alberta

Team

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