Edmonton financial services company Firma to be bought for $90 million – Edmonton Journal

Author of the article:

Lisa Johnson

Edmonton City Centre mall on Nov. 12, 2019.
Edmonton City Centre mall on Nov. 12, 2019. Photo by Shaughn Butts /Postmedia, file

International money services provider OFX Group Limited says it has agreed to buy Edmonton-based foreign exchange service Firma for $90 million.

Advertisement

In a Monday news release, OFX said it had entered an agreement to acquire Firma Foreign Exchange Corporation, and the combined business would continue to operate in Edmonton and other Canadian cities, including Toronto, where OFX Canada is headquartered.

Firma was co-founded in 1998 by former Edmonton city councillor and recent mayoral candidate Michael Oshry.

In the release, OFX said the takeover will likely be completed in the first quarter of 2023, pending approvals.

As of Sept. 30, Firma had 194 employees, more than 9,600 corporate customers and operations in nine offices in Canada, Australia, the U.K. and New Zealand.

Headquartered in Sydney, Australia, OFX has eight offices across the world, including Toronto, and more than 400 staff.

In September, OFX signed a multi-year North American sponsorship deal with the NHL.

lijohnson@postmedia.com

Edmonton Journal Headline News logo

Edmonton Journal Headline News

Sign up to receive daily headline news from the Edmonton Journal, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300