Torstar Corp., the parent company of Toronto Star and other media outfits in Canada, has been bought by NordStar Capital LP, a firm owned by Paul Rivett and Jordan Bitove, for $52 million deal.
Under the transaction terms, NordStar has acquired all of the issued and outstanding Class A shares and Class B non-voting shares of Torstar at the rate of 63 cents per share.
While talking about the deal, Torstar revealed the deal was suggested by a special committee and gained the support of the majority of its shareholders and its biggest independent shareholder, Fairfax Financial Holdings Ltd.
Recently, Rivett retired from his role as Fairfax Financial Holdings President and Bitove is renowned for his help in founding Toronto Raptors basketball team.
