Mubadala Capital Acquires Canada’s CI Financial in a $3.4 Billion Deal
Mubadala Capital, the alternative asset management subsidiary of UAE-based Mubadala Investment Company, has announced its acquisition of Canada’s CI Financial in a deal valued at approximately $3.36 billion.
Deal Details
Under the terms of the agreement, CI Financial will transition from a publicly traded company to a private entity, with $22.66 USD offered in cash per share. This price represents a 33% premium over last week’s closing price.
The transaction has been unanimously approved by the Independent Directors Committee of CI Financial’s Board of Directors. However, it remains subject to court approval, customary regulatory conditions, and final procedures for completion.
About CI Financial
- Headquarters: Toronto, Canada.
- Assets Under Management: CAD 518 billion, making it one of Canada’s largest non-bank, non-insurance providers of mutual fund services.
- Operations in the U.S.: The company will continue to operate under the brand Corient, maintaining its extensive network of investment advisory firms acquired over the past years.
A Strategic Vision for Global Expansion
This acquisition aligns with Mubadala Capital’s strategy to expand its global presence. As an alternative asset manager fully owned by Mubadala Investment Company, the firm oversees assets worth over $1.5 trillion and has invested billions to strengthen its international footprint.
Enhancing Presence in the Financial Sector
The acquisition underscores the importance of the alternative asset management sector and bolsters Mubadala Capital’s position as a global leader. With its extensive network and ongoing investments, the company aims to deliver innovative, forward-looking investment solutions.
Maintaining Continuity of Operations
Post-acquisition, CI Financial’s headquarters will remain in Toronto. A number of managerial shareholders will convert their shares to the private entity, ensuring continuity in operations and leadership.
Global Market Impact
This acquisition represents a strategic move to enhance investment ties between the UAE and Canada. It supports Mubadala Capital’s vision of expanding its global investments while focusing on sustainable growth and delivering enhanced returns.