People Corporation (TSXV:PEO) entered into a definitive agreement to acquire Alliance Pour La Santé Etudiante Au Quebec Inc. from a group of shareholders for CAD 56.4 million on November 30, 2020. Purchase price of CAD 56.4 million is subject to post-closing adjustments. Of the total purchase price, CAD 50 million will be paid in cash on closing of the transaction, and the remaining CAD 6.4 million will be paid by way of deferred payments following the second anniversary of the closing, subject to potential adjustment related to the financial performance of the business. In addition, ASEQ shareholders may be eligible to receive additional payments in the four years following closing of the transaction should the business exceed certain financial performance thresholds. ASEQ's founder and management team will continue to run the operations as part of People Corporation, and ASEQ's highly talented team of approximately 150 consultants and staff will continue to provide innovative solutions to students. The closing of the ASEQ transaction, which is subject to customary conditions, is expected to occur in early December 2020. Justin Vineberg of Davies Ward Phillips & Vineberg LLP acted as legal advisor to Alliance Pour La Sante Etudiante Au Quebec Inc. KPMG acted as financial advisor to People Corporation.

People Corporation (TSXV:PEO) completed the acquisition of Alliance Pour La Sante Etudiante Au Quebec Inc. from a group of shareholders on December 1, 2020. Subsequent to the end of fiscal year 2020, the Company, in conjunction with its acquisition of ASEQ, exercised the accordion option on its credit facility to increase the revolving commitment from $125.0 million to the maximum of $175.0 million. The Company drew $63.8 million on its increased credit facility to fund the acquisition of Encompass Benefits & HR Solutions Inc., Watermark Benefit Consulting Inc., and ASEQ.