The acquisition was first announced last November and approved by shareholders in February of this year.
With the successful conclusion of the acquisition transaction, Home Capital is pleased to now be a part of the Smith Financial Corporation family. See the press release for more information: https://t.co/netuMP5Kqv #HomeHappensHere pic.twitter.com/KMqhk3n86g
— Home Trust Company (@hometrustco) August 31, 2023
Smith Financial – headed by founder and CEO Stephen Smith – has a significant presence across Canada’s mortgage market, with sizeable equity positions in companies including First National, Equitable Bank, and Canada Guaranty Mortgage Insurance Company.
Smith said the strength of Home Capital’s brand among mortgage brokers was one of the central reasons behind the acquisition.
“Home Capital is a strategic holding for us, and we will give our support to preserve, protect and advance Home’s place in the industry under its dedicated leadership,” he added in remarks accompanying the news.
The move will likely see Home Capital’s common shares delisted from the Toronto Stock Exchange in the coming days, the company said, with Home Capital also set to apply to end its status as a reporting issuer under relevant Canadian securities laws.