West Street Capital Partners completed the acquisition of People Corporation.

West Street Capital Partners entered into an arrangement agreement to acquire People Corporation (TSXV:PEO) for CAD 1.1 billion on December 13, 2020. Under the terms of agreement, West Street will pay CAD 15.22 per share. The Transaction will be financed through a combination of committed debt and equity financing. People Corporation will pay a fee of CAD 43 million to West Street Capital in case People Corporation terminates the agreement. West Street Capital will pay a fee of CAD 68 million to People Corporation in case West Street Capital terminates the agreement. People Corporation will continue to be led by Laurie Goldberg, Executive Chairman and Chief Executive Officer and the current senior leadership team, from its corporate office in Winnipeg, Manitoba and over 40 offices.

The transaction is subject to the approval by People Corporation shareholders, Ontario superior court of justice, regulatory approvals, competition act approval and closing conditions customary to a transaction of this nature. The transaction has been unanimously approved by both the special committee and the Board of Directors of People Corporation. The Board of Directors of People unanimously recommends that shareholders vote for the arrangement resolution. Certain security holders of People Corporation entered into voting and support agreement in favor of the transaction with West Street Capital on December 13, 2020. The special meeting of People Corporation shareholders to approve the transaction will be held in January 2021. As of January 13, 2021, the special meeting of People Corporation will be held on February 11, 2021 to approve the transaction. As of February 11, 2021, People Corporation shareholders approve the transaction at the special meeting of shareholders. As of February 12, 2021, People corporation obtained a final order from the Ontario Superior Court of Justice in respect of the plan of arrangement. The transaction is expected to close in the first calendar quarter of 2021. As of February 12, 2021, People corporation expects the Arrangement to be completed on February 18, 2021.

CIBC World Markets, Inc. and William Blair & Company, L.L.C. acted as financial advisors to People Corporation. Joel Binder and Daniel Borlack of Stikeman Elliott LLP and Vincent A. Mercier of Davies Ward Phillips & Vineberg LLP acted as legal advisors to People Corporation. CIBC World Markets, Inc. and William Blair & Company, L.L.C. also provided fairness opinion to the special committee and Board of Directors of People Corporation. Goldman Sachs Canada, Inc. and Bank of Montreal (TSX:BMO) acted as financial advisors to West Street Capital. Jeremy Fraiberg, Don Gilchrist, Dov Begun, Victoria Graham, Michelle Lally, Andrea Boctor, Lisa Mantello, Brian Thiessen, Joanna Fine, Kelly Moffatt and Ted Liu of Osler, Hoskin & Harcourt LLP and C. Andrew Gerlach, Isaac J. Wheeler and Regina L. Readling of Sullivan & Cromwell LLP acted as legal advisors to West Street Capital. Laurel Hill Advisory Group served as proxy solicitor and TSX Trust acted as transfer agent and Depository bank for People Corporation. Laurel Hill Advisory Group will be paid a fee of up to CAD 60,000 plus out-of-pocket expenses. ISS and Glass Lewis are independent proxy advisory firms who provide voting recommendations to institutional shareholders. Gus Atiyah of Shearman & Sterling LLP acted as legal advisor to Goldman Sachs & Co. LLC, associated parent of West Street Capital Partners. Shearman & Sterling LLP acted as legal advisor to People Corporation.

West Street Capital Partners completed the acquisition of People Corporation (TSXV:PEO) on February 18, 2021. As a result of the Arrangement, People Corporation is expected to be delisted from the TSX Venture Exchange at the close of trading on February 18, 2021.