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Power Corporation's FinTech Strategy Creating Shareholder Value - Wealthsimple announces $750 million equity offering
Power Corporation's FinTech Strategy Creating Shareholder Value - Wealthsimple announces ...
About this update from Power Corporation Of Canada
[{"type":"text","content":"\n \n \n \n Power Corporation's FinTech Strategy Creating Shareholder Value - Wealthsimple announces $750 million equity offering\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n.prnbcc{\nBORDER-TOP:0pt solid; BORDER-RIGHT:0pt solid; BORDER-COLLAPSE: COLLAPSE; BORDER-BOTTOM:0pt solid; BORDER-LEFT:0pt solid\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n \n \n \n Readers are referred to the section \"Forward-Looking Statements\" at the end of this release. All figures are expressed in Canadian dollars.\n \n \n \n \n \n \n \n MONTRÉAL,\n \n May 3, 2021\n \n /CNW/ - Wealthsimple Financial Corp. (\"Wealthsimple\"), a member of the Power Corporation group of companies and one of\n \n Canada's\n \n leading financial technology companies, issued a press release today announcing it has signed a\n \n $750 million\n \n financing round. The fundraising consists of a $250 million primary offering by Wealthsimple, as well as a\n \n $500 million\n \n secondary offering by Power Corporation of\n \n Canada\n \n (TSX: POW) (\"Power Corporation\" or \"PCC\"), IGM Financial Inc. (\"IGM Financial\") and Great-West Lifeco Inc. (\"Great-West Lifeco\") (collectively the \"PCC Group\") pro-rata to their respective ownership interests. The transaction is subject to customary closing conditions and is expected to close by\n \n mid-May 2021\n \n . Additional details of the primary offering are disclosed in Wealthsimple's press release issued earlier today.\n \n \n The PCC Group is the largest shareholder of Wealthsimple holding a 62% equity interest, on a fully diluted basis with PCC, IGM Financial and Great-West Lifeco owning 23.1%, 36.3% and 2.3%, respectively. The PCC Group's interest represents 76% of the voting rights. Following completion of the primary and secondary offerings, the PCC Group will continue to be the largest shareholder in Wealthsimple ...