Globalive’s Lacavera says deal in place to acquire Wealth One Bank of Canada

Globalive Capital Inc. founder Anthony Lacavera says the investment firm has entered into an agreement to acquire Wealth One Bank of Canada.

He says by email that the proposed transaction is pending all regulatory and government approvals.

The Globe and Mail first reported on the bid, saying Lacavera had raised $51 million for a consortium bid to take a 54% stake in the bank, which has been subject to federally imposed national security conditions.

Lacavera told The Canadian Press that Globalive is looking to make the acquisition because the firm sees a long-term opportunity to provide Canadians more choice in banking services, and that it plans to bring the same challenger approach it took in the telecom industry.

Through Globalive, Lacavera founded wireless carrier Wind Mobile in 2008, which was sold to Shaw Communications for $1.6 billion in 2016.

Wealth One Bank of Canada was founded in 2016 and, as of November, had a little over $600 million in assets according to the latest filings with the Office of the Superintendent of Financial Institutions.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.