EQB Inc. (TSX: EQB) and Loblaw Companies Limited (TSX: L) announced the completion, on July 1, 2026, of EQB's acquisition of PC Financial — comprising President's Choice Bank, PC Financial Insurance Agency Inc., PC Financial Insurance Broker Inc., and certain affiliated entities — from Loblaw. The deal was first announced on December 3, 2025, and had an estimated total value of approximately C$800 million (already denominated in Canadian dollars, as both parties are Canadian issuers; no foreign-currency conversion applies). At closing, the transaction was priced at 1.15 times book value, with EQB paying C$234.5 million in cash and issuing 7.2 million EQB common shares to Loblaw as consideration. Following closing, Loblaw's beneficial ownership in EQB rose to approximately 19.89% (8,457,601 shares) from about 3.46% previously, and under an Investor Rights Agreement, Loblaw may increase its stake to a maximum of 25%. PC Bank is now a wholly owned subsidiary of Equitable Bank. As part of the deal, Galen G. Weston and Richard Dufresne of Loblaw/George Weston Limited joined EQB's Board as Loblaw nominees. No underwriters, agents, or dealers are named in connection with this transaction, as it was structured as a direct corporate acquisition rather than a securities offering. Legal counsel: Blake, Cassels & Graydon LLP advised EQB, while Torys LLP advised Loblaw. EQB expects one month of PC Financial earnings in its Q3 results, with client migration to the EQ Bank platform to begin in the coming months.