The antitrust watchdog will not contest a deal that would see Anthony Lacavera’s investment firm Globalive take control of the Toronto-based bank that catered to Chinese-Canadian clients, a merger review shows. The Globe and Mail first reported the news. (The Logic)
Talking point: Globalive entered into an agreement to acquire Wealth One in February. Lacavera, best known as the founder of the former cellphone provider Wind Mobile, told The Canadian Press at the time that he wanted to improve choice in banking services and take a similar challenger approach he took to telecom. Lacavera raised $51 million to acquire a 54 per cent stake in Wealth One with a consortium of other investors, The Globe and Mail reported. The bank is subject to stringent national security conditions imposed by Finance Minister Chrystia Freeland in 2023 after three of its founding investors came under scrutiny for alleged connections to the Chinese government. The acquisition still faces additional regulatory hurdles.
