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Liberty Tax/LoanMe Deal Closes

NextPoint Acquisition Corp. has closed its acquisition of Liberty Tax and LoanMe.  The special purpose acquisition corporation i now operating as NextPoint Financial with its shares trading on the Toronto Stock Exchange.

NextPoint acquired Liberty, whose network prepares tax returns, from the Franchise Group. The also receiving funding through a private placement with the previously announced $25 million increased to $112.6 million.

The Vancouver, B.C.-based company plans to roll out LoanMe’s personal and business loans through Liberty locations. NextPoint chairman Andy Neuberger said loans "are already available through many company-owned and franchised locations and ”this will be complemented by an expanded offering that will include near prime loans, mortgages, insurance products, bookkeeping and other ancillary services.”

The Franchise Group was named adopted by the publicly traded Liberty Tax after it began acquiring unrelated franchise companies. Eventually, the tax store operations were dwarfed by the non-tax holdings.

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