Grey Horse Corp., a Canadian financial services company serving the corporate and institutional market, today announce that it has entered into an agreement to purchase all of the shares of Toro FX Inc., effective July 2.
Toronto-based ToroFX provides spot transactions, options, international wires, payment tracking and one on one foreign exchange consulting to its customers, who range from individuals to corporations and from hedge funds to small banks.
The agreed purchase price for the transaction is $4.9 million, subject to adjustments based on the achievement of certain financial performance conditions within the six, 12 and 24 month period following the closing date of the transaction.
Forty per cent of the adjusted purchase price will be paid by means of the issuance of Grey Horse common shares from treasury. The issued shares will be valued at the weighted average closing price of the common shares on the Toronto Stock Exchange for the 10 trading days immediately preceding July 2, and are subject to TSX approval of the share issuance. The majority of the issued shares will be placed in escrow and released to the vendors based on the achievement of certain financial performance conditions within the 12 and 24 month period following the closing date of the transaction.
“We are very pleased with this acquisition as we expect that ToroFX’s client focus and expertise will complement, strengthen and expand the foreign exchange services offered to the client base of our principal subsidiary, Equity Transfer & Trust Company. We believe this to be an excellent transaction for our clients and shareholders alike,” stated Kevin Reed, Grey Horse president and CEO.
The agreement remains subject to the satisfaction of certain terms and conditions.
Grey Horse to purchase Toro FX
Deal will expand FX services offered to the clients of Equity Transfer & Trust Co.
- By: IE Staff
- June 18, 2008 June 18, 2008
- 11:35