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Ontario credit union Meridian to acquire Roynat Lease Finance business

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.