First National Financial Corporation has received a "no-action letter" from the Commissioner of Competition regarding its previously-announced acquisition by a newly-formed vehicle controlled by private equity funds managed by Birch Hill Equity Partners Management Inc. and Brookfield Asset Management. Under the terms of the agreement, all outstanding common shares of First National, except those owned by founders Stephen Smith and Moray Tawse and their affiliates, will be acquired for $48.00 per share in cash. All conditions to closing, except those that can only be satisfied at closing, have now been met. The transaction is expected to close in October 2025. Upon closing, the company's outstanding Series 3, Series 4, and Series 5 Senior Unsecured Notes will be redeemed at the applicable redemption price plus accrued and unpaid interest.