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Street Capital Finally Finds its White Knight

Author: 
Robert McListe
Publication date:
June 18, 2019
Article Summary: 

Canada's Street Capital Group has been acquired by RFA Capital in a deal that will take Street private. RFA is acquiring all of the shares for $0.68, a 36% premium over Friday's closing price. Pending the acquisition closing, RFA aims to take the combined entities from $6 billion a year in originations to $10 billion, injecting $50 million of equity on day one. Street Capital will get $5 billion in new funding, which will primarily be used for prime insured and uninsured mortgages and non-prime lending. RFA will also "ramp up" Street's deposit business and "diversify the channels we obtain those deposits from." The deal is expected to close in the fall.

Keywords: 

Street Capital Group, RFA Capital, acquisition, private, shares, funding, mortgages, non-prime lending, deposit business, competitive rates, ROI, regulatory cost, multi-brand strategy, senior management team, valuation.

Source Citation: 
Robert McListe
Street Capital Finally Finds its White Knight
June 18, 2019
https://www.canadianmortgagetrends.com/2019/06/street-capital-finally-finds-white-knight/
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