The Loyalist Insurance Group Limited, an Ontario, Canada-based financial services holding company, announced that it has entered into a binding purchase and sale agreement with Brownstone Holdings Inc.
The two companies had previously signed a letter of intent in October, which outlined the sale of Loyalist’s retail insurance brokerage business to Brownstone.
“The estimated proceeds to the Company will be approximately $5,000,000 cash,” said the bulletin. “This transaction is expected to close in January 2008 and is subject to final regulatory and shareholder approval. The proceeds will be used for general corporate purposes which includes repaying all corporate liabilities.”
Source: Loyalist Insurance Group – www.loyalistinsurance.com
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