CI Financial to Go Private in Deal With Abu Dhabi Sovereign Wealth Affiliate

These include U.S. Wealth Management, which encompasses Corient Private Wealth, as well as other divisions in Canada and Australia.

Mubadala Capital's parent is Mubadala Investment Co., a sovereign investor in the United Arab Emirates owned by the Abu Dhabi government.

CI’s board, with interested directors abstaining, unanimously recommends that CI shareholders vote in favor of the transaction. The recommendation follows the unanimous recommendation of a special board committee consisting solely of independent directors.

“This transaction, with its significant cash premium, represents an exceptional outcome for CI shareholders and provides certainty to shareholders while CI pursues its ongoing transformation,” said William E. Butt, CI’s lead director and special committee chair.

“Mubadala Capital invests with a long-term outlook and represents long-term capital — providing stability and certainty for CIʼs clients and employees,” CI CEO Kurt MacAlpine, who will continue to lead the company, said.

Mubadala Capital Managing Director and CEO Hani Barhoush said his company is fully aligned with CI's strategy and direction.

The transaction also supports CI’s expansion in the U.S., where it will continue to operate independently under the Corient brand. The transaction preserves Corient’s structure and private partnership model, under which 250 colleagues are Corient equity partners, MacAlpine said.

Image: Shutterstock