The two companies said today that they are entering into a “long-term strategic partnership” in which Sagard will acquire Lifeco’s EverWest real estate business and Lifeco will invest up to roughly US$500 million in Sagard’s funds and take a minority stake in the company. (The Logic)
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The two companies said today that they are entering into a “long-term strategic partnership” in which Sagard will acquire Lifeco’s EverWest real estate business and Lifeco will invest up to roughly US$500 million in Sagard’s funds and take a minority stake in the company. (The Logic)
Talking point: The deal will bring two stars in the Power Corp. orbit closer together. It will also give Sagard its first real estate investment operation and provide the asset manager with additional cash to pursue its other investments, which include funds focused on venture capital and health-care royalties. (The companies didn’t specify in which Sagard funds Lifeco would invest.) Sagard is the most prominent backer behind Portage Ventures, which itself has invested in major Canadian fintechs such as Wealthsimple and Clearco. Sagard also launched a US$240-million SPAC on the Nasdaq earlier this year to pursue an acquisition in the fintech sector.
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