Desjardins Group acquires 40% of Qtrade Financial Group's shares
April 03, 2013
On April 3, 2013, Desjardins Financial Corporation Inc., a subsidiary of Desjardins Group, completed its initial purchase of 40 % of Qtrade Financial Group's outstanding shares on a fully diluted basis by way of a statutory plan of arrangement. Pursuant to the terms of the arrangement, Desjardins is in a position to acquire the remaining balance of the shares of Qtrade over a six-year period.
Desjardins Group, headquartered in Montréal, Québec, is the largest cooperative financial group in Canada. Qtrade Financial Group, headquartered in Vancouver, British Columbia, is rated as a top online brokerage platform in the industry and also provides wealth management services to the retail public and the customers of over 180 financial institutions, notably credit unions across Canada. The acquisition by Desjardins of Qtrade Financial Group is part of Desjardins’ strategic plan to grow its major business lines.
McCarthy Tétrault LLP represented Desjardins Group.