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On December 2, 2025, Laurentian Bank of Canada announced an acceleration of its 2024 strategic plan by exiting retail and SME banking, refocusing as a specialty commercial lender and agreeing to be acquired by Fairstone Bank of Canada. Under a definitive agreement, Fairstone will acquire all Laurentian common shares for $40.50 in cash per share, a premium of approximately 20% to the $33.76 closing price on December 1, 2025, for total cash consideration of about $1.9 billion. The acquisition is conditional on National Bank of Canada first acquiring Laurentian's retail and SME banking portfolios and related assets and liabilities, including retail loans and deposits of approximately $3.3 billion and $7.6 billion, SME loans and deposits of approximately $0.8 billion and $0.6 billion, mutual funds of approximately $3.4 billion and syndicated loans of approximately $0.9 billion.
Laurentian will close all its Québec branches upon completion, and no branches or employees will transfer to National Bank. The transactions, subject to regulatory and shareholder approvals, include reciprocal termination fees of $40 million between Laurentian and Fairstone and $10 million between Laurentian and National Bank. Completion is expected by late 2026.
J.P. Morgan Securities Canada Inc. acted as lead financial advisor to Laurentian, Blair Franklin Capital Partners Inc. advised the special committee, and National Bank Capital Markets advised Fairstone. Osler, Hoskin & Harcourt LLP and Norton Rose Fulbright advised Laurentian; Torys LLP and Stikeman Elliott LLP advised Fairstone; McCarthy Tétrault LLP advised National Bank.
Parties
Bank
Laurentian Bank of Canada
Bank
National Bank of Canada
Bank
Fairstone Bank of Canada
Bank
JP Morgan
Deal Type
Merger & AcquisitionIndustry
Banking/FinanceTransaction
$ 1,900,000,000Deal Status
ActiveClosing Date