Canadian Underwriter

Vector withdraws from Atlantic Canada

March 26, 2002   by Canadian Underwriter

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Broker network consolidator Vector Intermediaries Inc. (CDNX: VTE) has sold its Atlantic Canada operation, King Financial Ltd., to Huestis Group for an undisclosed amount. The deal, which is subject to due diligence review and approval by the CDNX, is expected to be finalized by the end of April this year.
Huestis is a local brokerage operator in Atlantic Canada, with 32 offices located across three provinces. "The sale of King Financial to the Huestis Group will allow VTE to focus its efforts in a reduced geographic area. Proceeds from the transaction will be applied to achieve a significant reduction in VTE’s long term debt position," the network consolidator says.

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