Mubadala Capital completes takeover of CI Financial: Mubadala Capital, through its units MC Accelerate Co-Invest and MC Accelerate Holdings, acquired CI Financial, valuing CI’s equity at approximately CAD 4.7 bn (USD 3.4 bn) and implying an enterprise value of CAD 12.1 bn (USD 8.8 bn), according to a press release. The agreement closed on 12 August.

The details: Mubadala Capital paid CAD 32 per share for all outstanding CI shares, except those held by CEO Kurt MacAlpine (LinkedIn). MacAlpine is rolling his shares into the private entity.

CI aims to use Mubadala’s resources to expand in North America and globally, while growing its US subsidiary Corient and retaining its private partnership model.

What’s next? CI will continue operating independently under its existing brand, structure and leadership from its Toronto headquarters. It will be delisted from the Toronto Stock Exchange soon, but it will remain a reporting issuer in all Canadian provinces. Board changes include the addition of Samuel Merksamer, Murat Konuk and Glyn Barker, joining William Holland and MacAlpine.

ADVISORS- INFOR Financial advised CI’s special committee of independent directors, with counsel from Wildeboer Dellelce. Stikeman Elliott and Skadden, Arps, Slate, Meagher & Flom also served as legal advisors to CI, and RBC Capital Markets acted as an additional advisor. Mubadala Capital’s lead financial advisor was Jefferies Securities, with counsel from Blake, Cassels & Graydon and Latham & Watkins, strategic communications from FGS Longview, and additional advisory support from BMO Capital Markets.

Tags: