On December 1, 2000, MDC Corporation Inc. (MDC) completed the sale of Optus Corporation, a business and technology services company, to Symcor Services Inc. (Symcor), a leading provider of technology solutions and processing services to major financial institutions. As part of the transaction, Symcor also purchased 15 per cent of MDC’s Metaca Corporation (Metaca), Canada’s leading Cardprogram Management Company, with an option to purchase an additional 35 per cent over the next three years for a combined potential holding of 50 per cent. The transaction is valued at approximately $50 million.
In addition, Metaca has completed a co-marketing agreement with Symcor to enhance current customer relationships and develop new opportunities in North America. Symcor has an option to purchase an additional 35 per cent of Metaca over the next three years, for a combined potential holding of 50 per cent.
Acting for Symcor were General Counsel Gary Eisen with assistance from Alison Youngman, Loreto Grimaldi and D’Arcy Nordick of Stikeman Elliott in Toronto. Patrick Phelan, James Musgrove, Chris Garrah and Stephan Luciw of Lang Michener in Toronto, together with Ross Francis of Fogler, Rubinoff LLP, acted for MDC and Metaca.