Morgan Stanley buying Calgary-based Solium Capital

U.S. bank Morgan Stanley has signed a deal to buy Calgary-based Solium Capital Inc. in a cash deal valued at about $1.1 billion.

Under the agreement, Morgan Stanley will pay $19.15 per share for Solium, which helps companies manage employee stock plans.

Solium shares closed at $13.36 on the Toronto Stock Exchange on Friday.

Solium CEO Marcos Lopez says the company’s leadership team is expected to remain in place.

The deal is subject to the approval by a two-thirds majority vote by shareholders. All of the directors of Solium, who collectively control 19% of the company, have agreed to support the purchase.

Subject to regulatory approvals, the deal is expected to close in the second quarter of 2019.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.