Overview
- Regal Bidco, an acquisition vehicle backed by Birch Hill Equity Partners and Brookfield Asset Management, will acquire all outstanding common shares of First National Financial.
- The cash offer of C$48 per share represents a 15.2 percent premium over the 30-day volume-weighted average price on the Toronto Stock Exchange.
- Founders Stephen Smith and Moray Tawse will each sell two-thirds of their stakes and retain an indirect interest of about 19 percent post-closing.
- First National CEO Jason Ellis will stay on to lead the company and the management team will remain intact after the transaction.
- The deal is expected to close in the fourth quarter of 2025, pending shareholder approval in September and subsequent court and regulatory clearance.