TORONTO - ING Canada is teaming up with seven insurance brokers in a deal to buy Equisure Financial Network for $136 million in stock.
The offer to buy all outstanding common shares for $7 each is valid until Nov. 24 and conditional on the deposit of at least two-thirds of the outstanding shares, as well as regulatory approval.
Equisure announced this year that it would look for takeover offers.
ING Canada already owns 15.5% of Equisure's common shares and holds an option to increase its ownership to 22.5%. The seven Canadian brokers are active in the Equisure network, representing 45% of Equisure's premium volume.
Equisure, of North Bay, Ont., is a general and life insurance brokerage network with 94 network offices in five provinces and the Canadian maritimes.