An affiliate of Mubadala Capital, the UAE-based alternative asset manager, has agreed to take Canada’s CI Financial Corp. private in a transaction that values the Toronto-listed asset and wealth manager’s equity at approximately 4.7 billion Canadian dollars ($3.36 billion).
All shareholders will receive CAD32 per share, which represents a 33% upside to Friday’s closing price and a premium of 58% to the 60-day volume-weighted average trading price on the Toronto Stock Exchange. The transaction implies an enterprise value of approximately CAD12.1 billion.
Mubadala Capital is a wholly-owned unit of the Abu Dhabi sovereign wealth fund, Mubadala Investment Company and oversees $24 billion of assets under management.
CI Capital is a diversified global asset and wealth management company operating primarily in Canada, the United States and Australia. It manages over CAD518 billion in assets.
The transaction is subject to court approval, regulatory clearances and other customary closing conditions.
Jefferies Securities Inc. is acting as lead financial advisor to Mubadala Capital and Blake, Cassels & Graydon LLP and Latham & Watkins LLP are serving as legal advisors to Mubadala Capital.
(Writing by Brinda Darasha; editing by Seban Scaria)
brinda.darasha@lseg.com
