Canada’s competition regulator has given the green light for British Columbia Investment Management Corp.’s $790 million acquisition of Parkbridge Lifestyle Communities Inc. (TSX:PRK), a Calgary-based firm that operates dozens of gated communities, marinas and RV parks across Canada.
BCIMC will acquire each common share of Parkbridge for $7.30 through its wholly owned subsidiary 1561609 Alberta Ltd.
The price per share represents a 35% premium to the average trading price of Parkbridge’s common shares during the 30 trading days that ended October 1.
BCIMC announced the deal on October 4, but needed clearance from Canada’s Commissioner of Competition to close the deal. The company expects the deal to fully close some time before January 4.
Parkbridge’s portfolio is concentrated in Ontario, Alberta, Quebec and B.C.
Victoria-based BCIMC is one of Canada’s largest institutional investors, with a global portfolio of more than $80 billion. Its clients include public sector pension plans, the Province of British Columbia, publicly administered trust funds and public bodies.
Its investments help finance the retirement benefits of more than 440,000 British Columbians and help finance investment funds that cover two million workers and 197,000 employers in B.C.