(February 10) – IPC Financial Network Inc. has completed the purchase to acquire Britton Agencies Ltd., operating as Western Canadian Brokerage Group (WCBG), a life and disability insurance brokerage based in Regina.
The purchase price of approximately $3.65 million was met by the issuance of a combination of common and convertible retractable preferred shares in the capital of IPC. The conversion of the preferred shares into common shares of IPC will be governed by performance criteria. The common shares will be subject to time escrow provisions. When the performance criteria have been met and the preferred shares converted, approximately one million common shares in total will have been issued to acquire WCBG
The acquisition of WCBG is consistent with IPC’s business plan and strategy, the company says. IPC is building a diversified service company focusing on the highly fragmented financial planning industry.
– IE Staff