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Investment funds managed by Goldman Sachs Merchant Banking Division acquire People Corporation for C$1.13B

Date Closed

February 18, 2021

Lead Office

Toronto

Value

1.13 Billion CAD

On December 14, 2020, People Corporation announced an arrangement agreement with Goldman Sachs, pursuant to which investment funds managed by the Goldman Sachs Merchant Banking Division would acquire all issued and outstanding shares of People Corporation for C$15.22 per share. The total equity value of the deal is C$1.13 billion, a significant premium to People Corporation's closing share price on December 11, 2020. William Blair & Co., LLC and CIBC World Markets Inc. acted as financial advisors to People Corporation.

People Corporation is leading provider of group benefits, group retirement and human resource services, based in Winnipeg.

McCarthy Tétrault advised William Blair and with a team led by Robert Richardson.

People