Activist pressure, a rival pension bid, and a jobs fight shaped Canada's most-watched registry sale
Information Services Corporation (ISC) has agreed to be taken private by Plenary Americas LP in an all-cash deal valuing the company at $1.2bn.
Plenary Americas is the infrastructure arm of La Caisse de dépôt et placement du Québec.
Plenary Americas will pay $51 per Class A Limited Voting Share, a 55 percent premium over ISC's closing price on September 8, 2025, the day it launched a strategic review, the press release stated.
ISC shares rose 8.8 percent in Toronto to $50.58 following Tuesday's announcement, Bloomberg reported.
The deal was shaped in part by the provincial government's insistence on protecting Saskatchewan jobs.
The Globe and Mail reported that OMERS also submitted an offer but was passed over partly over concerns about potential job losses.
OMERS owns Teranet, the property registry provider in Ontario and Manitoba.
The ISC board chose Plenary Americas, which committed to keeping ISC's Regina headquarters and operating the company independently from its other portfolio investments.
The Globe and Mail said that The strategic review itself was triggered by activist investor Plantro Ltd., the private holding company of former Dye & Durham CEO Matthew Proud.
Plantro built its stake above 5 percent and, in late summer 2025, requested a special meeting to replace ISC's seven non-government directors — prompting ISC to launch its review days later, after which Plantro withdrew its request.
Plantro stands to book a gain of more than $30m on its investment, the Globe and Mail reported.
“We are pleased that our efforts catalyzed today's announcement which unlocks significant value for all ISC shareholders,” Proud said in an emailed statement cited by the same outlet.
According to the press release, RBC Capital Markets ran the strategic review and reached out to a broad pool of buyers, yielding multiple acquisition proposals.
Plenary Americas emerged as the sole remaining bidder in April, the Globe and Mail said.
La Caisse acquired Plenary Americas in 2020 from an Australian institutional investor as part of a strategy to increase exposure to long-life infrastructure assets.
CBC News reported that Saskatchewan, through Crown Investments Corporation, will retain an enhanced Class B Golden Share under the Information Services Corporation Amendment Act 2026, passed during the spring sitting.
Those enhancements include veto rights over any transfer of ISC's intellectual property or assets related to Saskatchewan registries, and the right to appoint two board directors at all times.
Registry data will remain provincial government property, and fees will continue to be governed by the Amended and Restated Master Service Agreement, which runs to 2053.
The province expects to receive approximately $277m from the sale, before fees and closing costs, and plans to direct the proceeds toward health-care infrastructure, CBC News reported.
ISC president and CEO Shawn Peters and certain senior management members have entered into equity rollover agreements to retain a stake in ISC post-closing, according to the press release.
Peters will continue to lead the company.
CIC and all ISC directors and officers have signed support and voting agreements covering an aggregate 29.5 percent of outstanding shares.
The shareholder meeting is expected in June 2026, with transaction close targeted for the third quarter of 2026.
The deal requires approval from at least 66⅔ percent of votes cast, plus CIC's approval as Golden Share holder.
ISC faces a $55m termination fee if it opts out; Plenary Americas faces a $66m reverse termination fee if the deal does not proceed.
The transaction is not conditional on financing.
