TORONTO – Ontario credit union Meridian has signed a deal to acquire Roynat Lease Finance in a deal with Scotiabank and Roynat Inc.
Financial terms of the agreement announced Tuesday were not immediately available.
Under the deal, Roynat Lease Finance will operate through a wholly owned subsidiary of Meridian.
Meridian said once the deal closes, Joe LaLeggia, senior vice-president of Roynat Lease Finance, will be appointed president of its lease finance business.
Roynat Lease Finance provides commercial equipment leasing.
It has 106 full-time employees and offices across Canada in B.C, Alberta, Saskatchewan, Manitoba, Ontario and Quebec.
The transaction, which is subject to certain conditions including regulatory approval, is anticipated to close within a few weeks.