Vector disposal of Ontario ops cancelled

The sale of Vector Insurance Network (Ontario) Ltd. by broker consolidator group Vector Intermediaries Inc. (TSX: VTE) will not go through as previously announced, the company says. Vector signed a letter of intent in December of last year to sell the Ontario operations to the Huestis Group for $4.6 million.

Vector says the sale was not concluded within the time required in the original agreement, and therefore will not be completed. No reasons were given for the sale’s cancellation. Proceeds from the sale were to have gone towards paying down the broker consolidator’s long-term debt, with the company turning its focus to Western Canada.