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TORONTO — CI Financial Corp. has signed a deal to be taken non-public by Mubadala Capital in an settlement valued at $4.7 billion.
Under the transaction, the choice asset administration arm of Mubadala Investment Co., a sovereign wealth fund from the United Arab Emirates, pays $32 per share in money for the agency.
CI shares closed at $24.01 on the Toronto Stock Exchange on Friday.
William Butt, CI’s lead director and chair of the particular committee, stated the deal represents an distinctive final result for shareholders and “gives certainty to shareholders whereas CI pursues its ongoing transformation.”
“It additionally gives important advantages to Canada, by offering long-term capital to underpin the constructing of a Canadian champion within the wealth and asset administration industries,” Butt stated in a press release.
CI stated Monday it expects to proceed with its present Canadian operations, construction and administration crew.
It additionally expects to take care of its Canadian headquarters and stay unbiased of Mubadala Capital’s different portfolio companies.
“Mubadala Capital invests with a long-term outlook and represents long-term capital — offering stability and certainty for CIʼs purchasers and staff,” stated CI chief government Kurt MacAlpine, who is anticipated to proceed to steer the agency.
“With this transaction, CI has by no means been higher positioned to fulfil our mission of delivering excellent companies and options to our purchasers.”
The firm stated MacAlpine expects to roll all his fairness within the transaction and different members of CI’s senior administration are additionally anticipated to have the chance to enter into fairness rollover agreements to trade their CI shares into a brand new holding automobile.
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The deal is topic to court docket and regulatory approvals, a shareholder vote and different customary closing circumstances. It is anticipated to shut within the second quarter of 2025.
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