Plenary Americas Completes $1.2B Acquisition of ISC
Information Services Corporation is now privately held after Plenary Americas closed its statutory plan of arrangement, paying CAD$51 per share.
Information Services Corporation, the Saskatchewan-based data and registry services company traded on the Toronto Stock Exchange, has officially passed into private hands. Plenary Americas LP completed its acquisition of ISC through a wholly-owned subsidiary via a statutory plan of arrangement under Saskatchewan's Business Corporations Act, 2021, placing the transaction's implied enterprise value at approximately $1.2 billion CAD.
Shareholders holding ISC's Class A Limited Voting Shares will receive CAD$51.00 per share in cash — a clean exit for most public investors. The notable exception involves select members of ISC's senior management team, who entered into equity rollover agreements allowing them to retain a continuing ownership stake in the company rather than receiving the cash payout. That structure is a common feature of private equity-style buyouts, designed to align management incentives with the new ownership's long-term goals.
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Plenary Americas is the North American arm of the Plenary Group, an infrastructure investment and asset management firm that specializes in public-private partnerships. ISC's core business — providing registry, information, and technology services, including land title registries for the province of Saskatchewan — fits squarely within the kind of essential-service infrastructure that long-horizon private investors favor. The transaction signals continued appetite among institutional infrastructure funds for stable, fee-generating government-adjacent businesses.
The delisting of ISC from the TSX closes a chapter for a company that had served as a publicly accountable administrator of critical provincial data services. Whether the shift to private ownership affects service delivery or pricing structures for government clients and the public remains a question worth monitoring in the months ahead.
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