Birch Hill Equity Partners and Brookfield Asset Management to Acquire First National in C$2.9 Billion Transaction

Davies is acting for Birch Hill Equity Partners and Brookfield Asset Management in their C$2.9-billion acquisition of First National Financial Corporation, one of Canada’s largest non-bank mortgage originators and underwriters. First National's founders, Stephen Smith and Moray Tawse, will each sell approximately two-thirds of their current shareholdings in the Company and retain minority ownership positions.

The transaction emerged from a robust strategic review process conducted by First National. The transaction is expected to close in the fourth quarter of 2025, subject to obtaining shareholder, court and regulatory approvals and the satisfaction of other customary closing conditions.

The Davies team includes: Patrick Barry, Kevin Greenspoon, Jennifer Prieto, Joseph DiPonio, Jared Solinger, Diana Bahous, Puneet Aujla, Victoria Li,  Matthew Auvinen and Bailey Stern (Public M&A); Derek Vesey,  Srobona Podder and Mo Bakri (Financing); Sarah Elharrar and Danica Bennewies (Investment Funds); David Wilson (Capital Markets); Christopher Anderson and Olivia Khazam (Tax); Jim Dinning and Will Rooney (Competition); Shari Cohen (Employment); Sumeet Dang and Nicholas Di Piano (IP); Max Jarvie and Gabriel Boulianne Gobeil (Privacy).