The Toronto-based mutual fund manager said Monday it has agreed to a $4.7-billion privatization deal backed by Mubadala Capital, an alternative asset management firm owned by Abu Dhabi-based sovereign wealth fund Mubadala Investment. CI shareholders will receive $32 a share, a 33 per cent premium to Friday’s closing price. (The Logic)
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The Toronto-based mutual fund manager said Monday it has agreed to a $4.7-billion privatization deal backed by Mubadala Capital, an alternative asset management firm owned by Abu Dhabi-based sovereign wealth fund Mubadala Investment. CI shareholders will receive $32 a share, a 33 per cent premium to Friday’s closing price. (The Logic)
Talking point: CI Financial is Canada’s largest independent asset manager, with more than $518 billion in assets. The company has undergone a restructuring and expanded its business in the U.S. since CEO Kurt MacAlpine joined in 2019. The deal also follows a strong stock-market run for the company. Its share price is up over 60 per cent from a year ago before announcing plans to go private, and jumped more than 30 per cent on the news Monday. The company will operate independently of Mubadala Capital’s other portfolio businesses, it said in a press release. It will stay headquartered in Canada and maintain its current management team.
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