U.S. bank Morgan Stanley has signed a deal to buy Calgary-based Solium Capital Inc. in a cash deal valued at about $1.1 billion.
Under the agreement, Morgan Stanley will pay $19.15 per share for Solium, which helps companies manage employee stock plans.
Solium shares closed at $13.36 on the Toronto Stock Exchange on Friday.
Solium CEO Marcos Lopez says the company’s leadership team is expected to remain in place.
The deal is subject to the approval by a two-thirds majority vote by shareholders. All of the directors of Solium, who collectively control 19% of the company, have agreed to support the purchase.
Subject to regulatory approvals, the deal is expected to close in the second quarter of 2019.
Source: advisor.ca
