TORONTO, Aug. 4, 2016 /CNW/ - Echelon Financial Holdings Inc. ("Echelon" or "the Company") (TSX: EFH), today reported that it has entered into a definitive stock purchase agreement to sell its European insurance subsidiary. The transaction is anticipated to close in the fall 2016, subject to customary closing conditions and regulatory approval.
Robert Purves, Board Chair, stated "We are very pleased with the outcome of our process to divest the European operations. We believe all stakeholders' interests have been accounted for in the best of possible outcomes in the circumstances inherent and look to an expedited closing. Our advisors, senior management team and directors involved are to be commended".
"I would like to recognize the hard work that our Qudos team has put into this business", he continued. "They should be very proud of their accomplishments and excited to be working with a new shareholder that has local expertise and is looking to invest strategically in the business."
About Echelon Insurance
Founded in 1998, Echelon Insurance operates in the property and casualty insurance industry in Canada and Europe, primarily focused on providing non-standard automobile insurance and other niche and specialty insurance solutions. The Company will continue to operate and distribute insurance products through Echelon Insurance and The Insurance Company of Prince Edward Island. It trades on the Toronto Stock Exchange under the symbol EFH. For more information, visit echeloninsurance.ca.
SOURCE Echelon Financial Holdings Inc.
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