Echelon Financial Holdings (TSX: EFH) reported that it has completed the sale of its European operations. The closing is effective March 7, 2017.
As quoted in the press release:
As previously announced, on August 4, 2016 Echelon entered into a definitive stock purchase agreement to sell its European insurance subsidiary, subject to regulatory approval. On February 28, 2017, regulatory approval was received from the Danish Financial Services Authority, which completed the necessary approvals required for the sale. The Company will retain no residual insurance risk from the sale. At current exchange rates, the Company will receive approximately $5.1 million on closing and an additional $17.2 million prior to December 31, 2017.
“I would like to recognize and thank the employees and management in Europe for their effort and commitment over the last five years,” commented Serge Lavoie, Chief Executive Officer of Echelon. “They have built a solid base and launching pad for the new Danish-based shareholder to invest strategically in the business.”