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The head of the Saskatchewan Realtors Association is voicing support for the proposed sale of Information Services Corporation (ISC), the former Crown corporation that operates the province’s land titles and registry system.
The $1.2 billion deal would see a Plenary Americas subsidiary acquire ISC. Plenary is owned by Quebec-based pension fund manager La Caisse.
Many professionals, organizations and municipalities in the province use ISC to register and track property ownership.
Some realtors use it daily, underscoring the importance of keeping disruptions to the system to a minimum, said Chris Guerrette, CEO of the Saskatchewan Realtors Association.
“For us, it’s important to know that the infrastructure, the head office, the proprietary information, that data is staying in Saskatchewan,” said Guerrette. “And we see that with this sale.”
The province, a significant shareholder in ISC, expects to receive about $277 million from the sale, before fees and closing costs.
Speaking at an unrelated event on Wednesday, Jeremy Harrison, minister of Crown Investments Corporation (CIC), said the proceeds from the sale will be directed toward health care infrastructure, with more details to be announced by the health minister in the coming weeks.
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“From our perspective, looking at the benefit of holding shares in perpetuity or being able to turn that share into real value, and in the real-world health care infrastructure for the people of the province, we thought that was a pretty good opportunity,” Harrison said.
The government, through CIC, will retain a Golden Share in the company.
That Golden Share was strengthened by the recently-passed Bill 57, which ensures ISC’s intellectual property and head office remain in Saskatchewan, along with its service obligations to the province. ISC’s head office is located in Regina.
For Guerrette, these factors make the acquisition something her organization can support since they maintain the status quo of the current systems.
“It’s important for us that the infrastructure remains a source of confidence for the economy,” she said, adding any disruptions to service could negatively impact how many do business in the province.
The province’s official Opposition previously raised concerns during the spring sitting that the sale of ISC could lead to higher costs and a lack of transparency. But this is something Guerrette does not foresee happening.
“We don’t have a concern per se, but we would want to make sure that those fees we don’t see a spike in fees,” she said.
For Guerrette, the sale also offers an opportunity for increased consultation and collaboration with stakeholders who rely on ISC for their operations.
“If ISC can lean into that more, I think the province as a whole will benefit, and we’re there for it,” she said.
ISC holds the exclusive right to manage Saskatchewan’s land titles and registry system, a role it will continue to perform until 2053.
The company was originally established in 2000 as a commercial Crown corporation reporting to Crown Investments Corporation, before transitioning to a publicly traded company in 2013.
The provincial government says it supports the transaction, citing long-term stability for the registry system and opportunities for ISC to expand under new ownership.
In a press release, Plenary Americas says it intends to retain ISC’s existing management and employees while continuing to deliver its services to clients.
“ISC’s management team will retain an equity interest in the new private company, ensuring continued alignment with the company’s long-term growth and performance,” the release said.
Harrison says the deal still needs to go through a shareholder vote, which the province will support.
The deal is expected to close in the third quarter of this year, according to a news release by ISC.
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