INFOR to participate in spin-out of Element Financial unit

INFOR Acquisition Corp (TSX: IAC.A), a Canadian special purpose acquisition corporation (SPAC), has agreed to participate in the spin-out of ECN Capital from Element Financial Corp (TSE: EFN). Under the deal's terms, INFOR shareholders will receive shares of ECN, a commercial finance business with about $8 billion in assets, as of the closing of its separation from Toronto-based Element. INFOR, one of a number of Canadian SPACs launched via initial public offering in 2015, said its $220 million funds in escrow will help position ECN "to execute on its strategic initiatives." The deal is expected to wrap up in October.

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