StorageVault to Acquire Four Locations for $75.7 Million
TORONTO, Nov. 06, 2023 (GLOBE NEWSWIRE) -- STORAGEVAULT CANADA INC. (“StorageVault”) (SVI-TSX) has agreed to acquire four locations from four vendor groups (collectively, the “Vendors”) for an aggregate purchase price of $75,685,000, subject to customary adjustments (the “Acquisitions”).
- TORONTO, Nov. 06, 2023 (GLOBE NEWSWIRE) -- STORAGEVAULT CANADA INC. (“StorageVault”) (SVI-TSX) has agreed to acquire four locations from four vendor groups (collectively, the “Vendors”) for an aggregate purchase price of $75,685,000, subject to customary adjustments (the “Acquisitions”).
- Three of the Acquisitions are arm’s length and one for $45,000,000 is a related party acquisition (the “Related Party Acquisition”) with Access Self Storage Inc. (“Access”) as the Vendor for that Acquisition.
- As Access is a non-arm’s length party to StorageVault, the Related Party Acquisition is considered a “related party transaction” under MI 61-101 - “Protection of Minority Security Holders in Special Transactions” (“MI 61-101”).
- No new insiders will be created, nor will any change of control occur, as a result of the Acquisitions.