Montreal-based asset manager Fiera Capital has agreed to acquire all outstanding common shares of Toronto-based peer Integrated Asset Management (IAM) for $74m.

IAM focuses on managing private debt, infrastructure debt and real estate assets.

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The transaction will add around $3.1bn in assets to Fiera’s books.

Of the total consideration, $55.5m will be paid in cash and $18.5m in Fiera Class A subordinate voting shares.

Moreover, shareholders of IAM will be entitled to receive additional contingent value rights.

Fiera Private Alternative Investments president and CEO John Valentini said: “This acquisition further strengthens and diversifies Fiera Capital’s private alternatives lending platform, bringing significant capabilities in private debt in addition to expanding our real estate platform.”

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The private debt investment team of IAM will become part of Fiera Private Lending under the agreement.

IAM’s industrial real estate team will form part of Fiera Properties.

Fiera Properties president Peter Cuthbert said: “We are acquiring a real estate business with a unique investment strategy that is complementary to Fiera Properties’ existing business.

“For our clients, this means further investment opportunities into an asset class with stable and recurring cash flows and a unique level portfolio diversification.”

IAM president and CEO John Robertson too welcomed the deal, saying that it offers immediate value to its shareholders.

The acquisition is slated to complete in the second quarter of this year.

It already received the go-ahead from the two companies’ boards and is currently pending shareholder and regulatory approvals.