On August 10, 2017, CI Financial Corp. and Sentry Investments Corp. announced that CI Financial will acquire Sentry for $780 million.
The parties expect the acquisition to close on or about September 29, 2017, subject to regulatory approvals. Of the $780 million purchase price, CI Financial Corp. (“CI Financial”) will pay $230 million in cash to acquire all of the outstanding shares of Sentry Investments Corp. (“Sentry”) and it subsidiary Sentry Investments Inc. The remaining $550 million of consideration will be in the form of CI Financial shares.
CI Financial’s assets under management will increase 16% to approximately $140 billion as a result of the transaction. In addition, CI Financial’s total assets, when combining assets under management with assets under advisement, will increase to approximately $180 billion.
Based in Canada, CI Financial is a wealth management company with approximately $160.5 billion in assets as of July 31, 2017.
Founded in 1997, Sentry is a Canadian investment manager with about $19.1 billion in assets under management as of July 31, 2017.
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