First National Financial deal gets final approval from Ontario Superior Court

The Ontario Superior Court of Justice (Commercial List) approved the plan of arrangement for First National Financial Corp.'s acquisition.

Under the approved transaction, a newly formed vehicle controlled by private equity funds managed by Birch Hill Equity Partners Management Inc. and Brookfield Asset Management Ltd. will acquire all outstanding common shares of the Toronto-based company for C$48.00 per share in cash, except for certain shares owned by the company's founders.

First National shareholders approved the arrangement at a special meeting held on Sept. 30, with the company subsequently receiving the final court order.

The transaction is expected to close in October, pending Competition Act (Canada) clearance and other standard closing conditions.