On December 13, 2019, Power Corporation and Power Financial announced a reorganization transaction whereby the minority shareholders of Power Financial will receive Power Corporation subordinate voting shares and nominal cash consideration in exchange for each Power Financial common share. Upon completion of the reorganization, Power Corporation will own all of the Power Financial common shares, while Power Financial preferred shares and debt securities will remain outstanding.
The reorganization will allow Power Corporation and Power Financial to simplify the organization’s corporate structure and enable strategic initiatives to provide long term value to shareholders.
Power Corporation is a diversified international management and holding company with a focus on companies in financial services, asset management, and sustainable and renewable energy in North America, Europe and Asia.
Power Financial is a diversified international management and holding company and a subsidiary of the Power Corporation Group of Companies. Power Financial specializes in the financial services sector throughout Canada, the United States and Europe.
Osler, Hoskin & Harcourt LLP advised Power Financial with a team led by Jeremy Fraiberg consisting of Alex Gorka, Donald Gilchrist and Amy Sigurdson (Corporate), Firoz Ahmed and Taylor Cao (Tax).