The Financial Post reports in its Tuesday, April 16, edition that Mogo Finance Technology ($3.54) has signed a deal to merge with Difference Capital Financial ($4.20). A Canadian Press dispatch to the Post reports that under the agreement, each share of Mogo will be exchanged for one Difference common share. Once the transaction is complete, Mogo shareholders will own approximately 80 per cent of the combined company which is expected to be named Mogo Inc. Difference currently owns a 23-per-cent interest in Mogo. Mogo says the combination will give it access to approximately $9-million to $10-million in cash and give it control of Difference's portfolio of investments, which collectively have an estimated fair market value of approximately $24-million. The deal is subject to Mogo and Difference shareholder approval, regulatory approval and satisfaction of other customary conditions. Difference co-founder and executive chairman Michael Wekerle says the combination of the two companies provides an "outstanding opportunity." David Feller -- who founded Mogo in 2003 -- will be chairman and chief executive officer of the new entity.
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