Alignvest SPAC to acquire Sagicor Financial for $536 mln

Alignvest Acquisition II Corp (AQY), a Canadian special purpose acquisition corporation (SPAC), has agreed to combine with Sagicor Financial Corp Ltd, a St. Michael, Barbados-based financial services provider. Alignvest will acquire Sagicor's shares for US$1.75 each through a combination of cash and shares. The deal is valued at US$536 million and expected to close early next year. Founded in 1840, Sagicor provides insurance products and other financial services primarily in the Caribbean region. AQY raised $515 million in 2017 from its initial public offering and other sources. It is managed by Alignvest Management Corp, a Toronto-based alternative investment management firm.

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