Alignvest Acquisition II Corp. has completed its business combination transaction with Sagicor Financial Corp. Ltd.
The resulting entity, Sagicor Financial Co. Ltd., will have approximately 147.8 million issued and outstanding common shares upon the closing of the transaction.
The transaction involved the transfer of all Sagicor Financial Corp.'s issued and outstanding shares to Alignvest in exchange for $1.75 in cash for each share. Any shares not exchanged for cash will be exchanged for shares in the resulting entity at an exchange rate of 4.328 Sagicor Financial Corp. shares for each Sagicor Financial Co. share.
Sagicor Financial Co. will also retain more than $440 million of net cash following the transaction, which it intends to use for growth and capital optimization purposes.
Alignvest's shares and warrants are expected to trade on the Toronto Stock Exchange under the new symbols SFC and SFC.W, respectively, on or about Dec. 9.
Sagicor Financial Corp.'s common shares have also ceased trading and will be delisted from the TSX, Barbados Stock Exchange, the Trinidad and Tobago Stock Exchange and the London Stock Exchange.
Sagicor Financial Co.'s head office will remain in Barbados, while its registered office will be in Bermuda.
Timothy Hodgson, Alignvest's chairman, was also appointed as the chairman of Sagicor Financial Co.
Following the deal, Alignvest II LP, Alignvest Partners Master Fund LP and Alignvest Partners Fund LP acquired warrants and class B shares of the new corporation. In aggregate, those entities, along with Alignvest Management Corp., now own 6.7% of the new company's common shares and 29.7% of its warrants.