Jovian Capital Corp. closed the acquisition financial planning firm T.E. Financial Consultants Ltd.

“We are delighted to complete the acquisition of T.E. Financial, an important addition to our wealth management group of companies,” said Philip Armstrong, Jovian’s resident and CEO, in a news release.

Subsequent to the signing of the definitive purchase agreement announced on October 2, Jovian negotiated the acquisition of 100% of T.E. Financial’s issued and outstanding voting shares, as opposed to 90% as originally announced.

In total, Jovian acquired all 3,848,908 common shares of T.E. Financial for approximately $7.2 million in cash at closing, the issuance of 625,000 common shares of Jovian, and the Issuance of a Promissory Note in the amount of $1.16 million.

The amount of the Promissory Note is subject to certain adjustments and is payable in four years, in cash or shares at Jovian’s option.