Story perspectives

Brookfield and Birch Hill to Acquire First National for C$2.9 Billion

7/28/2025

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Summary

Story summary

Brookfield Asset Management and Birch Hill Equity Partners are set to acquire First National Financial Corp. for C$2.9 billion ($2.1 billion).
The acquisition values shares at C$48 each, reflecting a 15% premium over the 30-day average.
Founders Stephen Smith and Moray Tawse will keep a 19% stake after selling two-thirds of their shares.
CEO Jason Ellis and the current leadership team will continue in their roles post-acquisition.
The deal is anticipated to close in Q4 2025, subject to regulatory approvals.

History

Historical Context

The 2008 global financial crisis prompted significant shifts in asset management, exemplified by Brookfield Asset Management's acquisition of First National Financial Corp. for C$2.9 billion. This consolidation trend reflects a broader industry response to instability, as firms sought growth and stability, potentially leading to increased market concentration and regulatory scrutiny in the evolving financial landscape.

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Story summary

Brookfield Asset Management and Birch Hill Equity Partners are set to acquire First National Financial Corp. for C$2.9 billion ($2.1 billion).
The acquisition values shares at C$48 each, reflecting a 15% premium over the 30-day average.
Founders Stephen Smith and Moray Tawse will keep a 19% stake after selling two-thirds of their shares.
CEO Jason Ellis and the current leadership team will continue in their roles post-acquisition.
The deal is anticipated to close in Q4 2025, subject to regulatory approvals.

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