Mubadala Capital, owned by Abu Dhabi's sovereign wealth fund Mubadala Investment Company, plans to acquire the Canadian asset and wealth manager in a cash deal worth C$12.1 billion ($8.66 billion), including debt, CI Financial said in a statement on Monday.
Mubadala is set to pay the company $32 per share, a premium of just over 33 percent to the Canadian company's closing price on Friday.
“Mubadala Capital invests with a long-term horizon and provides long-term capital, providing stability and certainty to CI Financial’s clients and employees,” said Curt McAlpine, CEO of CI Financial.
The deal, which values the company's shares at about $4.7 billion, is expected to be completed in the second quarter of 2025.
The agreement includes a C$150 million withdrawal fee to be paid by CI Financial to Mubadala if it backs out, and a C$225 million fee to the UAE company, subject to specific conditions.
