(December 13 – 13:30 ET) – Canadian First Financial Group Inc. of Kitchener, Ontario and EFI Financial Group Limited have signed a non-binding letter of intent that will enable CFFG to acquire EFI Financial Services and IPO Capital Corp, subsidiaries of the EFI Group.

The letter of intent provides for the arm’s length purchase of the operations of EFIFS & IPO. The purchase is subject to regulatory approval and a number of conditions including completion of due diligence and finalizing terms and conditions of the acquisition. If completed, the purchase will include a cash consideration and up to one million shares of CFFG. The purchase will not result in any change to the control of CFFG.

“The transaction will expand our core competencies in retail brokerage, corporate finance and life insurance. It will also enable CFFG to leverage its current capability as a mutual fund dealer and as the largest deposit broker in Canada. This will provide CFFG with a presence in Alberta and British Columbia and expand the number of locations in Ontario and Eastern Canada.,” says Peter Williams, CFFG’s Chairman, CEO & President.
-IE Staff