07:46 AM EDT, 10/08/2025 (MT Newswires) -- First National Financial Corporation ( FNLIF ) announced Wednesday that the Commissioner of Competition has issued a "no-action letter" in respect of First National's previously-announced plan of arrangement, pursuant to which a newly-formed acquisition vehicle controlled by private equity funds managed by Birch Hill Equity Partners Management Inc. and private equity funds managed by Brookfield Asset Management ( BAM ) will acquire all of the outstanding common shares of First National, other than certain shares owned by the company's founders, Stephen Smith and Moray Tawse, for $48.00 per share in cash.

A statement noted receipt of the "no-action letter" satisfies the Competition Act approval condition to closing as set out in the arrangement agreement entered into between FN and the purchaser on July 27, 2025.

Wednesday's statement also noted all conditions to closing (except those that ar only capable of being satisfied on closing) have now been satisfied and the arrangement is expected to be completed in October 2025. If the arrangement closes when expected, holders of shares will not be entitled to receive the October monthly dividend.

As previously announced, on closing of the arrangement, the 2.961% Series 3 Senior Unsecured Notes due November 17, 2025, the 7.293% Series 4 Senior Unsecured Notes due September 8, 2026 and the 6.261% Series 5 Senior Unsecured Notes due November 1, 2027 will be redeemed.