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Canadian firms mostly shunned the SPAC craze. Those that didn’t are scrambling to close their deals

In spring 2021, Montreal-based Sagard Holdings launched a company for the sole purpose of taking another firm public. Sagard, the alternative-investment arm of Power Corporation, called the firm Portage Fintech Acquisition. The special-purpose acquisition company (SPAC) raised US$240 million—US$40 million more than its initial target—at US$10 a share, and went public on the Nasdaq on July 21.

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