The Toronto-based financial services firm said it would buy 75 per cent of Comvest under the deal. The transaction would give Manulife control over the US$14.7 billion in private credit that Comvest manages and—with Manulife’s existing US$3.7-billion credit unit—creates a combined US$18.4-billion debt management business. (The Logic)

Talking point: The deal would significantly expand Manulife’s position in the private debt market, which has grown rapidly in the last 15 years as companies seek alternative, non-bank debt sources. Comvest founder Michael Falk will join Manulife’s board and advise the new business, while co-founder and CEO Robert O’Sullivan will manage the private credit operation. Manulife on Wednesday reported net income attributable to shareholders of $1.8 billion, up from $1 billion a year earlier, in part due to its growth in Canada and Asia.