Mubadala Capital Buys CI Financial – $8.6B Deal
Mubadala Capital will acquire CI Financial in an $8.6 billion deal,paying $23.04 per share. This important move will see the asset management arm of Mubadala Investment Company take over the wealth manager, representing a 33% premium. CI Financial,which will retain its Canadian headquarters,has expanded rapidly in the North American wealth sector. Current CEO Kurt MacAlpine will remain in his position and reinvest his equity.News Directory will keep you updated on the deal as it progresses. Discover what’s next for CI Financial’s wealth management capabilities.
Mubadala Capital to Acquire CI Financial in $8.6B Wealth Management Deal
Abu DhabiS Mubadala Capital is set to acquire Toronto-based CI Financial in an $8.6 billion (CAD$12.1 billion) deal. The agreement, announced recently, will see Mubadala Capital, the asset management arm of Mubadala Investment Company, pay CAD$32 ($23.04) per share for the wealth manager.
The purchase price represents a 33% premium over CI Financial’s last closing price. CI Financial has grown significantly in the North American wealth sector through acquisitions of registered investment advisors (RIAs). Its U.S. operations function under the name Corient, adopted in August 2023, and will continue to operate independently.
Since entering the U.S. RIA market in 2020, CI Financial has become one of the fastest-growing wealth platforms through both acquisitions and organic growth. The acquisition by Mubadala Capital promises to further enhance CI Financial’s wealth management capabilities.
“We are fully aligned with the strategy and direction of the firm and look forward to working with the CI management team to continue to build this outstanding business and ensure that CI continues to deliver superior services to its clients,” said Hani Barhoush, managing director and CEO of Mubadala Capital.
Under the terms of the agreement, CI Financial’s current CEO, Kurt MacAlpine, will remain in his position and reinvest his entire equity stake in the transaction. Following the deal’s completion, CI Financial’s shares will be delisted from the toronto Stock Exchange.
Mubadala Capital has committed to maintaining CI Financial’s Canadian headquarters and workforce. The company also plans to retain CI’s technology and data protection protocols, ensuring that all personal data from Canadian operations remains within Canada. This acquisition of CI Financial guarantees multiple advantages for Canada.
The transaction, expected to close in the second quarter of 2025, is subject to approval by two-thirds of CI shareholders and various regulatory clearances.Jefferies Securities and BMO Capital Markets are serving as financial advisors to Mubadala Capital. Blake, Cassels & Graydon and Latham & Watkins are providing legal counsel. CI Financial is advised by RBC Capital Markets, with legal counsel from Stikeman Elliott and Skadden, Arps, Slate, Meagher & Flom. FGS Longview is acting as strategic communications and public affairs advisor to Mubadala Capital.
What’s next
Following the expected closing in the second quarter of 2025, CI Financial is poised to continue its growth trajectory with the backing of Mubadala Capital, focusing on expanding its wealth management services and maintaining its commitment to its Canadian operations.