CI Financial signs deal $4.7B deal to be taken private by Mubadala Capital

TORONTO — CI Financial Corp. has signed a deal to be taken private by Mubadala Capital in an agreement valued at $4.7 billion.

Under the transaction, the alternative asset management arm of Mubadala Investment Co. will pay $32 per share in cash for the firm.

CI shares closed at $24.01 on the Toronto Stock Exchange on Friday.

CI says it expects to continue with its current Canadian operations, structure and management team.

It also expects to maintain its Canadian headquarters. and remain independent of Mubadala Capital’s other portfolio businesses.

The deal is subject to court and regulatory approvals, a shareholder vote and other customary closing conditions. It is expected to close in the second quarter of 2025.

This report by The Canadian Press was first published Nov. 25, 2024.

Companies in this story: (TSX:CIX)

The Canadian Press