VAUGHAN, ON, June 29, 2015 /CNW/ – Cara Operations Limited (TSX:CAO) (“Cara”) is pleased to announce that it has acquired the remaining 45% interest in 2446502 Ontario Inc. (“The Landing Group”).
On December 18, 2014, Cara acquired a 55% controlling interest in The Landing Group through the purchase of common shares. As part of the initial acquisition agreement, Cara had an option to acquire the remaining 45% interest in The Landing Group, based on an agreed upon formula, at any time after December 18, 2018.
On June 26, 2015, Cara purchased the remaining 45% interest for a combination of cash and Cara subordinate voting shares. The subordinate voting shares were issued to the 4 key management founders of The Landing Group and are subject to a long-term lock-up agreement.
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