Two prominent Canadian families have successfully completed the acquisition of the historic royal charter that established the Hudson’s Bay Co. The Ontario Superior Court has granted approval for the sale of the 355-year-old document to holding companies owned by the Thomson and Weston families for $18 million.
After the purchase, the families intend to donate the charter to the Archives of Manitoba, the Manitoba Museum, the Canadian Museum of History in Gatineau, Quebec, and the Royal Ontario Museum. These institutions have all agreed to accept the charter, which was authorized by King Charles II in 1670, enabling the formation of HBC as a fur-trading enterprise.
The sale of the charter became necessary as Hudson’s Bay sought creditor protection in March and subsequently closed all its stores. The Thomsons and Westons, known for their media and retail backgrounds, emerged as the sole bidders in the auction. The court’s approval of their joint bid marks the conclusion of a lengthy process that involved legal and financial consultations.
Reflect Advisors, the financial advisors for HBC, reached out to numerous potential bidders without success, leading to the acceptance of the Thomson and Weston bid. This bid, now the winning offer, ensures that the charter remains in Canada and accessible to the public.
The charter, which has been carefully stored since the creditor protection proceedings began, will undergo evaluation by the Canadian Conservation Institute before any relocation. The Thomsons and Westons have pledged $5 million to support the preservation and public sharing of the charter, with additional contributions promised by the Desmarais family, Power Corp. of Canada, and the Hennick Family Foundation.