Toronto, ON - CI Financial Corp. and Sentry Investments Corp. announced on August 10 that CI will acquire Sentry for a total of $780-million, made up of $230-million in cash, and the balance in CI stock. The transaction is expected to close on September 29, 2017, pending regulatory approval.
"We're very pleased to be adding a firm of this quality to the CI Financial group of companies as it will significantly enhance our position as a Canadian independent global asset manager," said Peter W. Anderson, CI's Chief Executive Officer. "The combined company will enjoy greater scale, which is key to being competitive in the investment industry today."
Sentry manages over 45 mutual funds and other investment solutiions with approximately $19.1-billion in assets under administrations as of the end of July. The company will continue to operate as a standalone brand following the completion of the acquisition.
"Sentry is excited to join the CI group of companies," said Philip Yuzpe, President and Chief Executive Officer of Sentry. "Sentry will remain a leading Canadian investment management firm, now benefiting from the support of CI's best-in-class investment platform."
This acquisition will increase CI's assets under management to $140-billion, up from $120-billion, an increase of about 16%. CI's total assets under administration, plus assets under advisement will rise to approximately $180-billion.
Sentry's owners will become significant long-term shareholders in CI.
