Keycorp sells Canadian operation
Australian-based secure electronic transactions provider Keycorp has confirmed today that it is likely to be exiting its Canadian operations after receiving a non-binding offer from Moneris Solutions of around $7.2 million.
Confirming the offer to the Australian Securities Exchange today, Keycorp chief executive Ken Carr described it as an excellent outcome with the cash offer being significantly higher than the expected net present value of earnings over the next two years for the Canadian business.
He said the sale of the Canadian operations provided an opportunity for Keycorp to increase its services business focus on strategic growth in Australasia.
AUTHOR
Mike Taylor
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
