The deal covers multiple companies with more than 500 employees across four provinces
Canada-based financial cooperative Desjardins Group has announced that it has reached an agreement to acquire a real estate holding, including DuProprio, from UK-based hybrid estate agency Purplebricks Group plc.
The acquisition was valued at around $60.5 million. Desjardins said that the holding and its associated ventures have more than 500 employees in Ontario, Quebec, Manitoba and Alberta.
“Desjardins is already the top mortgage lender and home insurer in Quebec and is one of the top three property and casualty insurers in Ontario,” said Guy Cormier, president and CEO of Desjardins Group. “As a cooperative organisation, it was a natural fit for us to acquire Purplebricks’ holding in Canada, present in four different provinces and sharing Desjardins’s strong member and client culture. Through our competitive mortgages and thanks to this acquisition, we will keep on supporting people, whether they choose a commission structure, a fixed-fee service or support without an agent.”
Desjardins offered assurances that it will keep the holding companies’ current employees and honour existing contracts.
“It’s great news for our company, our clients and our employees to have ownership of the company back in Canada,” said Randall Weese, licensed Broker of record at Purplebricks Canada. “Desjardins is a strong cooperative financial group and we’re excited to be joining the family. Our services were created to be a modern and practical alternative to traditional real estate brokerage services. We help Canadians buy and sell and save thousands in commission fees while offering cutting-edge technology and exceptional service. With Desjardins, we’re going to continue our work helping consumers get the most out of the sale of their property.”
