The Ontario Superior Court of Justice has approved Alignvest Acquisition II Corp.'s proposed acquisition of Sagicor Financial Corp. Ltd.

The deal is expected to be completed in the third quarter. Shortly after the closing date, the common shares to be issued under the transaction and Alignvest's share purchase warrants are expected to be listed on the Toronto Stock Exchange under the symbols SFC and SFC.WT, respectively.

Alignvest is also expected to be renamed Sagicor Financial Co. Ltd. and continue under the laws of Bermuda.

The deal is subject to the approval of Sagicor's shareholders, the Supreme Court of Bermuda and other customary approvals.