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
