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