Qvantel Finland Oy entered into an arrangement agreement to acquire Optiva Inc. (TSX:OPT) from Maple Rock Capital Partners Inc. and others for CAD 1.6 million on September 26, 2025. The Shareholders will receive $0.25 per Optiva Share. Upon closing of the Transaction, it is expected that the Optiva Shares will be delisted from the TSX and that Optiva will cease to be a reporting issuer under applicable Canadian securities laws. In case of termination, Optiva shall pay Qvantel Finland Oy $5 million (CAD 70.1 million).

Completion of the Transaction is subject to customary conditions, including, among others, court approval, approval of holders of Optiva Shares and holders of PIK Notes and the approval of shareholders of Qvantel. The transaction has been approved by the target shareholders unanimously. The transaction will be completed in December 2025. As of November 27, 2025, the shareholders of Optiva and the holders of PIK Notes have approved the proposed plan of arrangement. On December 2, 2025, Optiva received the final substantive court approval of the Superior Court of Justice. The transaction expected to complete by the end of the year.

The team of Bennett Jones LLP led by Kristopher Hanc, Philip B. Ward, David S. Rotchtin, Talia K. Bregman, Matthew Flynn and Daniel P. Tessaro are acting as legal advisor to the Special Committee and Optiva. Raymond James is acting as financial advisor and fairness opinion provider to the Special Committee and Optiva. Tim McCormick and Joe Zed of Borden Ladner Gervais LLP and Eversheds Sutherland (International) LLP are acting as legal advisors to Qvantel. The team of Borenius Attorneys Ltd led by Janko Lindros, Niina Nuottimäki and Juho Keinänen acted as legal advisor to Optiva Inc. Holland & Knight LLP acted as legal advisors to the Special Committee and Optiva.

Qvantel Finland Oy completed the acquisition of Optiva Inc. (TSX:OPT) from Maple Rock Capital Partners Inc. and others on December 31, 2025.