CI Financial, a Canadian wealth management firm, has agreed to acquire local firm Sentry Investments in a cash-stock deal valued at about $780m.

The deal consideration includes $230m in cash and the remaining in CI shares.

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The transaction will raise CI’s assets under management by 16% to $140bn, and total assets to nearly  $180bn.

Sentry, which manages over 45 mutual funds and other investment solutions with around $19.1bn in assets, will remain a standalone brand under CI’s ownership following the takeover.

The deal is slated to be completed in September 2017, subject to regulatory nod.

CI CEO Peter Anderson said: “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. The combined company will enjoy greater scale, which is key to being competitive in the investment industry today.”