First National Financial Corp has completed privatization deal

First National Financial Corp (TSE:FN) has officially completed its $2.9-billion privatization deal, marking a major ownership shift for one of Canada’s largest non-bank mortgage lenders. The transaction, first announced in July, sees private equity firms Birch Hill Equity Partners and Brookfield Asset Management acquire roughly 62% of First National’s equity through a new holding entity, Regal Holdings LP. 

Under the agreement, all outstanding common shares were purchased for $48 per share in cash, representing about a 15% premium over the company’s 30-day average at the time of the announcement. The deal values the company at approximately $2.9 billion.

Since I owned 50 shares of First National Financial Corporation, I will receive CAD 2400 soon

First National Financial to be acquired by Birch Hill Equity Partners and Brookfield

First National Financial (TSE:FN) is to be acquired by Birch Hill Equity Partners and Brookfield Asset Management in a deal valued at C$2.9billion. Shareholders will receive CAD $48.00 per share in cash. The acquisition is expected to close in Q4 2025.

I bought my shares at CAD $43.38 but as the CAD2EUR rate has been coming down, it's hard to make a break even on this.

Triton International to be Acquired by Brookfield Infrastructure

Triton International Limited (NYSE: TRTN)  ("Triton" or the "Company") and Brookfield Infrastructure Partners L.P. ("BIP") (NYSE: BIP, TSX: BIP.UN), through its subsidiary Brookfield Infrastructure Corporation ("BIPC") and its institutional partners (collectively, "Brookfield Infrastructure"), jointly announce a definitive agreement for Triton to be acquired in a cash and stock transaction valuing the Company's common equity at approximately $4.7 billion and reflecting a total enterprise value of approximately $13.3 billion.

"We believe this transaction provides an excellent outcome for all of Triton's stakeholders," commented Brian M. Sondey, Chief Executive Officer of Triton. "The sale price provides significant value to our investors and represents a 35% premium to yesterday's closing share price. For our long-term shareholders, this transaction crystalizes a total shareholder return of approximately 700% since the 2016 merger of Triton and TAL International. For our customers and employees, Brookfield Infrastructure's significant resources and long-term investment horizon will support Triton's franchise, underpin our commitment to providing unrivaled service, and support continued investment in our growing business."

 Transaction Consideration

The total consideration of $85.00 per Triton common share ("Triton Share") will consist of $68.50 in cash and $16.50 in BIPC class A exchangeable shares ("BIPC Shares") (NYSE: BIPC, TSX: BIPC). At closing, BIP's equity investment is expected to be approximately $1 billion, inclusive of the BIPC shares.

Approvals and Timing

The transaction is expected to close in the fourth quarter of 2023, subject to customary closing conditions, including approval by Triton's shareholders and receipt of required regulatory approvals. The transaction has been unanimously approved and recommended by the Board of Directors of Triton. The transaction has also received all required approvals from Brookfield Infrastructure, is not subject to a financing condition, and is not subject to approval from BIPC shareholders.

Prior to closing, Triton intends to maintain its current quarterly dividend on the Triton common shares. Upon the closing of the transaction, Triton's common shares will be delisted from the New York Stock Exchange. Triton's Series A-E cumulative redeemable perpetual preference shares will remain outstanding.

 

Triton has been my best investment so far, so it is sad to see it go but hey...quite a nice profit coming

STORE Capital to be acquired by GIC with Oak Street

STORE Capital Corporation (NYSE: STOR, “STORE Capital” or the “Company”), an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, and GIC, a global institutional investor in partnership with Oak Street, a Division of Blue Owl, one of the largest net lease investors, today announced that they have entered into a definitive agreement under which GIC and funds managed by Oak Street will acquire STORE Capital in an all-cash transaction valued at approximately $14 billion.

Under the terms of the definitive merger agreement, STORE Capital stockholders will receive $32.25 per share in cash, which represents a premium of 20.4% to STORE Capital’s closing stock price as of September 14, 2022 and a premium of 17.8% to the 90-day volume weighted average stock price through that date.

“This all-cash transaction delivers a meaningful premium that provides immediate and certain value for our stockholders in a challenging market environment, while positioning the Company, its customers and its partners for continued success,” said Tawn Kelley, Chairman of the Board of Directors of STORE Capital. “I would like to extend my thanks to the entire Board and management team for their hard work during this process, and for their unwavering commitment to acting in the best interests of our stockholders.” 

I just increased my position in STOR as this was one of the corner stones for my A month. But the premium is good so I'm happy with this and starting to look a replacement for A month. Since I own 89 shares of STOR this acquiry will bring me $2870.25