Globalive Bid for Wealth One Bank Wins Canada Approval (1)

Freedom Mobile founder Anthony Lacavera’s investment firm won federal approval to acquire Wealth One Bank of Canada.

Globalive led a consortium of Canadian investors to buy all the issued and outstanding shares of the digital bank, founded in 2016. The government of Canada approved the transaction, Globalive said in a statement Wednesday, and the deal is expected to be completed “within weeks.”

Toronto-based Wealth One will continue on “with no changes to its day-to-day operations,” according to Globalive, and the bank is “very happy to partner with Globalive,” Wealth One Chief Executive Officer Paul Leonard said in the ...