People Corp. draws down on credit facility for Apri purchase

By Wendy Van Sickle

Columbus, Ohio, Dec. 2 – People Corp. drew down on its recently expanded credit facility to fund the C$38.6 million cash portion of the purchase price of its acquisition of the Apri Group of Cos., according to a news release.

People agreed to acquire 100% of the issued and outstanding shares of Apri for a purchase price of C$45 million, subject to post-closing adjustments. Of the total purchase price, C$38.6 million was paid in cash on closing, C$1.9 million was satisfied through the issuance of 208,695 common shares of People to certain of the vendors, and the remaining C$4.5 million will be paid by way of deferred payments paid to the vendors equally over two years.

People is a benefits company is based in Markham, Ontario. Apri is a Canadian benefits consulting firm.

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