Sisi Chan

EQB to acquire PC Financial from Loblaw for about $800M

In a remarkable financial shift, EQB is set to acquire PC Financial from Loblaw Co. Ltd., an agreement that will alter the financial landscape of Canada.

The specifics of the agreement involve EQB paying $800 million in shares and cash for PC Financial. As a result, Loblaw gets a 16% stake in EQB and gives EQ the exclusive partnership in the PC Optimum loyalty program.

EQB’s Chief Executive, Chadwick Westlake, forecasts a revolutionary era for banking in Canada. The central aim is to provide better banking for Canadians through innovative and valuable offerings. The anticipated deal closure is 2026.