On November 13, 2025, ECN Capital Corp. has agreed to be acquired by a newly formed vehicle controlled by an investor group led by Warburg Pincus LLC. The purchaser will acquire all outstanding common shares for C$3.10 per share in cash, a 13% premium to the unaffected closing price as of November 12, 2025, and a 12% premium to the 10-day volume weighted average price. Series C cumulative 5-year minimum rate reset preferred shares will be acquired for C$26.00 per share in cash, an 11% premium to both the closing price and 10-day average, plus accrued but unpaid dividends. Series E mandatory convertible preferred shares, solely owned by Champion Homes, will be purchased for C$3.10 per share in cash, plus accrued but unpaid dividends. The transaction, implemented by statutory plan of arrangement under Ontario law, is subject to shareholder, court, and regulatory approvals, with closing targeted for the first half of 2026.

CIBC Capital Markets acted as lead financial advisor to ECN Capital, with Blake, Cassels & Graydon LLP and Baker & Hostetler LLP as legal advisors, and RBC Capital Markets as additional financial advisor. Macquarie Capital, BMO Capital Markets, and Truist Securities advised the Purchaser Group, with legal counsel from Stikeman Elliott LLP, Wachtell, Lipton, Rosen & Katz, Paul, Weiss, Rifkind, Wharton & Garrison LLP, and Mayer Brown LLP. The agreement includes customary deal protections and termination fees.