CI Financial Corp., a diversified global asset and wealth manager based in Toronto, has entered into a definitive agreement with an affiliate of alternative asset manager Mubadala Capital to take CI private.
The deal, announced Monday, values CI's equity around CA$4.7 billion (US$3 billion) and implies a roughly CA$12.1 billion (US$15 billion) enterprise value.
After the transaction closes, CI will continue to operate with its current structure and management team, independent of Mubadala Capital’s other portfolio businesses.
All issued and outstanding shares of CI will be acquired for cash consideration equal to CA$32 per share, other than shares held by senior management entering into equity rollover agreements.
The cash purchase price represents a 33% premium to the last closing price prior to the transaction announcement and a 58% premium to the 60-day volume-weighted average trading price on the Toronto Stock Exchange.
The transaction, which is subject to shareholder and court approval, regulatory clearances and other customary closing conditions, is expected to close in the second quarter of 2025.
CI Financial, operating primarily in Canada, the U.S. and Australia, manages, advises on and administers about CA$518.1 billion in client assets (as at Sept. 30, 2024), through three segments.
