After the acquisition, CI will retain its structure and management, operating independently of Mubadala Capital’s portfolio. Credit: Wirestock Creators/Shutterstock.

An affiliate of UAE’s Mubadala Capital has entered a deal to acquire Canadian asset and wealth management company CI Financial.

This deal, which will take CI private, values the company’s equity at nearly C$4.7bn and implies an enterprise value of around C$12.1bn.

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Post-acquisition, CI will maintain its current structure and management team, operating independently from Mubadala Capital’s other portfolio businesses.

As of 30 September 2024, CI Financial has about C$518.1bn in client assets.

CI Financial CEO Kurt MacAlpine said: “Mubadala Capital invests with a long-term outlook and represents long-term capital – providing stability and certainty for CIʼs clients and employees.

“With this transaction, CI has never been better positioned to fulfil our mission of delivering outstanding services and solutions to our clients.”

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The agreement stipulates the acquisition of all issued and outstanding shares of CI at C$32 apiece in cash, excluding shares held by senior management who may enter into equity rollover agreements.

This consideration marks a 33% premium over the last closing price before the announcement and a 58% premium on the 60-day volume-weighted average trading price on the Toronto Stock Exchange.

CI Financial’s Board of Directors, with interested directors abstaining, has unanimously recommended shareholders to vote in favour of the deal.

This follows the endorsement of an independent special committee formed for the transaction. The deal also bolsters CI’s US presence, where it operates as Corient under its brand.

A special meeting for shareholder voting is anticipated in January 2025, with the transaction expected to close in the second quarter of 2025, contingent on court and regulatory clearances, as well as customary conditions.

Mubadala Capital managing director and CEO Hani Barhoush said: “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.”

Mubadala Capital has a global sovereign investment portfolio of around $302bn.