First National receives court approval for takeover

Executive Summary

• First National Financial Corp. received final court approval for its previously announced plan of arrangement, enabling a private‑equity‑backed acquisition vehicle to purchase all outstanding common shares (except founder holdings) at $48 per share in cash.
• The special shareholders’ meeting on September 30, 2025 overwhelmingly approved the arrangement.
• Closing is subject to Competition Act clearance and other customary conditions, with an anticipated completion date in October 2025.

Key Details

• Transaction Structure: A newly formed acquisition vehicle, controlled by private‑equity funds managed by Birch Hill Equity Partners Management Inc. and Brookfield Asset Management, will acquire 100% of First National’s outstanding common shares (excluding founder stakes).
• Purchase Price: $48 per share in cash.
• Shareholder Approval: Special resolution passed at the special meeting of shareholders held on September 30, 2025.
• Court Order: Final order issued by the Ontario Superior Court of Justice (commercial list) approving the plan of arrangement under the Business Corporations Act (Ontario).
• Closing Conditions: Subject to clearance under Canada’s Competition Act and satisfaction or waiver of other customary closing conditions outlined in the arrangement agreement dated July 27, 2025.
• Anticipated Closing: Expected to occur in October 2025, pending regulatory approval.

Notable Quotes

(No direct quotes were provided in the release.)