On February 19, 2020, Duo Bank of Canada, a Toronto-based bank supported by financier Stephen Smith, private equity firm Centerbridge Partners L.P. and the Ontario Teachers’ Pension Plan, reached a definitive agreement to purchase all outstanding shares of Fairstone Financial Holdings Inc. The agreement includes all Fairstone’s operating subsidiaries. This transaction creates a strong and diversified Canada-based financial services entity that has robust finances, operational excellence and a history of delivering topline and earnings growth. The transaction is expected to close in the second quarter of 2020 and is subject to regulatory approvals and other customary closing conditions.
Ontario Teachers’ Pension Plan is Canada’s largest single-professional pension plan and holds a diverse global portfolio of assets.
Duo Bank is a Schedule I Canadian bank specializing in turnkey and customizable financial services solutions designed to deepen customer loyalty and grow sales.
Fairstone Financial Holdings Inc. is a leading non-bank provider of responsible lending solutions for near-prime borrowers.
Osler, Hoskin & Harcourt LLP advised Ontario Teachers’ Pension Plan with a team consisting of John Groenewegen, Brett Anderson, Arielle Kaplan (Corporate), Victoria Graham (Financial Services), Patrick Marley (Tax), Adam Kardash, Joanna Fine, Claire Feltrin (Privacy), Kelly O’Farrell, Shari Cohen (Employment and Labour), Jon Marin, Omar Sunderji (Pensions and Benefits), Kelly Moffatt (Intellectual Property) and Ted Liu (Technology).