Business
Everyday People Financial Signs Purchase Agreement to Acquire Arvato Financial Solutions Limited
Everyday People continues to solidify its global position as a market leader in Revenue Cycle Man...
About this update from Everyday People Financial Inc
[{"type":"text","content":"Everyday People Financial Signs Purchase Agreement to Acquire Arvato Financial Solutions LimitedEveryday People continues to solidify its global position as a market leader in Revenue Cycle ManagementEdmonton, Alberta--(Newsfile Corp. - October 2, 2023) - Everyday People Financial Corp. (TSXV: EPF) (\"Everyday People\" or the \"Company\"), a Canadian-based revenue cycle management (\"RCM\") consolidator and financial service provider, is pleased to announce that its wholly-owned subsidiary, BPO Collections Limited (\"BPO\"), has entered into a share purchase agreement (the \"Purchase Agreement\") on October 2, 2023, to acquire 100% of the issued and outstanding shares in the capital of Arvato Financial Solutions Limited (\"AFS UK\"), a wholly owned company of Arvato Group. AFS UK is a leading provider of accounts receivable management services in the United Kingdom (\"UK\"). AFS UK primarily focuses on providing financial and collection management services in the regulated environment overseen by the UK's Financial Conduct Authority (\"FCA\"). AFS UK caters to major creditors operating within the financial services, utilities, telecommunications, and debt purchase sectors.Details of the AcquisitionPursuant to the terms of the Purchase Agreement, BPO will acquire AFS UK on a debt-free basis. The proposed acquisition (the “Acquisition”) is an arm’s-length transaction, the Company will not assume any debt, and no finder’s fee are to be paid, in connection with the Acquisition. Since no common shares in the capital of Everyday People will be issued under the Acquisition, there will be no new insiders or control persons of Everyday People after the closing of the Acquisition. Shareholder approval of the Acquisition is not required in accordance with the TSX Venture Exchange (“TSX-V”) Policy 5.3. This transaction is considered not material, does not involve the issuance of Everyday People securities, does not constitute a fundamental acquisition, and meets other criteria of an “Exempt Transaction” under TSX-V Policy 5.3. Completion of the Acquisition is subject to conditions customary for transactions of this nature, including, but not limited to, the receipt of all requisite third party and regulatory approvals, including the acceptance of the TSX Venture Exchange and the FCA in...