March 13, 2003 by Canadian Underwriter
The sale of Vector Insurance Network (Ontario) Ltd. by Vector Intermediaries Inc. will not go through as previously announced, the company now says.
Vector had signed a letter of intent to sell with Huestis Group for all shares of its Ontario unit, for a price of $4.6 million, back in December.
Now Vector says the sale was not concluded within the time required in the original agreement and will not be completed. No other reasons were given for the sale’s cancellation.
Proceeds from the sale were to have gone towards paying down the broker consolidator’s long-term debt, with the company turning its focus to Western Canada.