Exchange Income Corporation acquired Ryko Telecommunications Inc. for $15 million.
December 15, 2021
Share
Exchange Income Corporation (TSX:EIF) acquired Ryko Telecommunications Inc. for approximately $12.7 million on December 1, 2021. The purchase price, subject to normal post closing adjustments, was funded through the issuance of 47,782 of the Corporations common shares to the vendor and cash in the amount of $12.746 million that was available from the Corporations credit facility. An aggregate of 17,065 Common Shares issued by the Corporation to Blair Russell pursuant to the acquisition of all the issued and outstanding stock of Ryko are subject to a share escrow agreement dated December 1, 2021. Pursuant to such share escrow agreement, the Common Shares escrowed pursuant thereto are scheduled to be released over a five year period following December 1, 2021, with a certain percentage of these escrowed Common Shares released on each anniversary of the December 1, 2021 date, provided that Mr. Russell remains continuously employed by Ryko or one of its affiliates. An aggregate of 17,065 Common Shares issued by the Corporation to Brad Ryan pursuant to the acquisition of all the issued and outstanding stock of Ryko are subject to a share escrow agreement dated December 1, 2021 Pursuant to such share escrow agreement, the Common Shares escrowed pursuant thereto are scheduled to be released over a five year period following December 1, 2021, with a certain percentage of these escrowed Common Shares released on each anniversary of the December 1, 2021 date, provided that Mr. Ryan remains continuously employed by Ryko or one of its affiliates. The acquisition, combined with WesTowers leading presence in the wireless tower industry, will further the ability to provide a fully integrated service to the telecommunication companies across Canada.
Exchange Income Corporation (TSX:EIF) completed the acquisition of Ryko Telecommunications Inc. on December 1, 2021.
Exchange Income Corporation is a Canada-based diversified acquisition-oriented company. The Company operates through two segments: Aerospace & Aviation and Manufacturing. The Aerospace & Aviation segment is comprised of three lines of business: Essential Air Services, Aerospace, and Aircraft Sales & Leasing. Essential Air Services includes both fixed wing and rotary wing operations. Aerospace includes its vertically integrated aerospace offerings that provide customized and integrated special mission aircraft solutions primarily to governments across the globe. Aircraft Sales & Leasing includes aftermarket aircraft, engine and parts sales and aircraft and engine leasing, along with aircraft management services. The Manufacturing segment is comprised of three lines of business: Environmental Access Solutions, Multi-Storey Window Solutions and Precision Manufacturing & Engineering. The Company also focuses on portable hydronic (glycol-based) climate-controlled equipment.