Thursday, 6 July 2023

#AbuDhabi's ADQ, Canada's Bank of Montreal to acquire minority stakes in Sagard | Reuters

Abu Dhabi's ADQ, Canada's Bank of Montreal to acquire minority stakes in Sagard | Reuters

Abu Dhabi state holding firm ADQ and Canada's Bank of Montreal plan to acquire minority equity stakes in Sagard, a global multi-strategy alternative asset management firm with $14.5 billion in assets, they said in a joint statement on Thursday.

As part of the deal, Canadian insurance-centered financial holding firm Great-West Lifeco will increase an existing minority stake, they said, helping to drive Sagard's future growth, including mergers and acquisitions.

The transaction is expected to close in the third quarter, subject to regulatory approvals. Power Corporation of Canada will remain the controlling shareholder of Sagard.

ADQ, BMO and Great-West Lifeco will also make respective commitments of additional long-term capital to Sagard’s existing and future investment strategies, strengthening fundraising potential and accelerating the firm’s ability to launch new products.

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