In a landmark move that reshapes Canada’s asset management landscape, Guardian Capital Group Limited has agreed to be taken private through a definitive arrangement with Desjardins Global Asset Management (DGAM). Valued at $1.67 billion, the all-cash transaction represents a premium of 66% and 48% over the most recent closing prices of Guardian’s Class A and Common shares, respectively.1
At its core, this deal is about scale, strategic alignment, and a recognition of Guardian’s legacy. For investors and industry observers, it also underscores the accelerating pace of consolidation in global asset management—a trend driven by the search for efficiency, diversification, and capital strength.
A Premium Outcome for Shareholders
Guardian shareholders will receive $68 per share in cash, a valuation that not only delivers immediate liquidity but also positions the transaction as a highly attractive exit. The offer falls comfortably within Scotiabank’s independent valuation range of $63.75 to $74.00 per share and has earned fairness opinions from both BMO Capital Markets and Scotiabank.
The company’s board—guided by an Independent Committee of directors and external advisors—unanimously recommended the deal, highlighting its fairness and strategic fit. Major shareholders holding 32.06% of Guardian’s shares have already entered into voting support agreements.
A Strategic Pivot: Scale and Global Reach
Beyond shareholder value, the strategic rationale is clear: the combination of Guardian and Desjardins will create a global asset management platform overseeing approximately $280 billion in client assets. This scale is expected to strengthen distribution, broaden capabilities, and accelerate growth in both institutional and retail channels.
George Mavroudis, Guardian’s President and CEO, captures the significance of the moment:
“The Transaction, with its significant cash premium, is an exceptional outcome for Guardian shareholders many of whom have been patient long-term investors. We are immensely proud of our nearly 60-year legacy as a publicly listed company which has generated an approximately 18% annual total return to shareholders over the last 15 years. This Transaction marks a pivotal opportunity to align with a strong strategic partner—one with exceptional financial resources and a distinguished history in financial services. Together, we will be better equipped to realize our growth ambitions and continue delivering exceptional value to our clients as their needs evolve.”
Mavroudis will remain CEO of the combined business, supported by Guardian’s leadership bench and joined by Nicolas Richard, President and COO of DGAM.
Desjardins’ Bold Step
For Desjardins, the acquisition is both a statement of intent and a platform for future growth. Denis Dubois, Executive Vice-President of Wealth Management and Life and Health Insurance at Desjardins Group, emphasizes the broader vision:
“This transaction marks a pivotal moment in our 125-year history of serving members and clients with purpose and vision. Together with Guardian, we are creating a powerful asset management platform with the scale, expertise and reach to deliver real value to the clients who place their trust in us. This is a bold step forward for both organizations—one that empowers us to grow with purpose, innovate with confidence, and reflects our ambition to lead with impact.”
The transaction signals Desjardins’ ambition to become a national leader in asset management with a global footprint.
Governance and Closing Conditions
The deal is structured as a plan of arrangement under the Ontario Business Corporations Act. It requires:
- Approval by two-thirds of voting shareholders and a simple majority of minority shareholders.
- Court approval by the Ontario Superior Court of Justice (Commercial List).
- Regulatory clearance, including under the Competition Act (Canada).
Notably, the transaction carries no financing condition, with Desjardins bringing its balance sheet strength to the table. A $65 million break fee applies under limited circumstances.
Closing is expected in the first half of 2026, pending approvals. Following completion, Guardian will delist from the Toronto Stock Exchange and cease to be a reporting issuer under Canadian securities laws.
Legacy, Continuity, and the Road Ahead
Guardian’s history—dating back to 1962—has been defined by measured growth, integrity, and trust. Its six-decade reputation now converges with Desjardins’ 125-year heritage of cooperative finance.
For investors, this is the end of an era: Guardian will no longer trade as a public company. Yet for clients and employees, the transaction offers continuity with a new scale advantage. Until completion, Guardian has committed to continue paying its regular quarterly dividends.
The deal cements Guardian’s place in Canada’s financial history while repositioning it for a future of greater global relevance. In an era where asset managers must compete on size, resources, and reach, the union with Desjardins may prove to be Guardian’s boldest—and most necessary—move yet.
Footnotes:
1 Guardian Capital Group Limited. “Guardian Capital Group Limited to Be Taken Private Pursuant to All Cash Go-Private Offer from Desjardins in $1.67 Billion Transaction Valuing Guardian Shares at $68.” Press release, 28 Aug. 2025.
