Morgan Stanley headquarters in New York is seen on March 1, 2017. U.S. bank Morgan Stanley has signed a deal to buy Solium Capital Inc. in a deal valued at about $1.1 billion. THE CANADIAN PRESS/AP, Mark Lennihan
February 11, 2019 - 5:40 AM
CALGARY - U.S. bank Morgan Stanley has signed a deal to buy Calgary-based Solium Capital Inc. in a cash deal valued at about $1.1 billion.
Under the agreement, Morgan Stanley will pay $19.15 per share for Solium, which helps companies manage employee stock plans.
Solium shares closed at $13.36 on the Toronto Stock Exchange on Friday.
Solium CEO Marcos Lopez says the company's leadership team is expected to remain in place.
The deal is subject to the approval by a two-thirds majority vote by shareholders. All of the directors of Solium, who collectively control 19 per cent of the company, have agreed to support the purchase.
Subject to regulatory approvals, the deal is expected to close in the second quarter of 2019.
Companies in this story: (TSX:SUM)
News from © The Canadian Press, 2019