FUNDRAISING NEWS | November 25, 2024
CI Financial said November 25 that it has entered into a definitive agreement with Mubadala Capital which will take the Toronto-listed global asset and wealth manager private for $4.7B in cash, which equates to $32 per share and implies an enterprise value of $12.1B.
CI Financial runs asset management businesses in Canada and Australia, as well as in wealth management in Canada as CI Wealth and in the US under the Corient Private Wealth banner. Corient preferred equity holders have agreed to waive certain rights in exchange for Mubadala providing up to $750M in additional cash at closing to reduce outstanding preferred equity, and Corient will continue to operate independently under its brand in the US.
CI Financial CEO Kurt MacAlpine will roll over all of his equity in the deal, and other senior executives are expected to roll some of their equity into the new entity. CI’s board is unanimously recommending shareholders approve the transaction, which is expected to close in the second quarter of 2025, subject to shareholder and regulatory approvals. Alternative asset manager Mubadala is a subsidiary of UAE sovereign investor Mubadala Investment Company.
INFOR Financial acted as exclusive financial advisor and Wildeboer Dellelce LLP as legal advisor to a special committee of CI Financial’s board. Stikeman Elliott LLP and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisors to CI, with RBC Capital Markets also serving as an advisor.
Jefferies Securities acted as lead financial advisor to Mubadala Capital, with Blake, Cassels & Graydon LLP and Latham & Watkins LLP serving as legal advisors. FGS Longview acted as strategic communications and public affairs advisor to Mubadala Capital, with BMO Capital Markets also acting as an advisor.
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