CIXX - CI Financial to acquire RegentAtlantic

CI Financial (CIXX +1.7%) agrees to acquire RegentAtlantic, a registered investment advisor with $6.0B in assets under management. As part of the transaction, all partners in RegentAtlantic will become equity partners in CI Private Wealth, the private partnership that will hold CI's U.S. wealth management business. As part of the transaction, Fiduciary Network, which first invested in RegentAtlantic in 2007, exchanged convertible indebtedness of Regent into non-convertible, unsecured, fixed-interest indebtedness of CI Financial with a term of three years, subject to early repayment rights of FN and prepayment rights of CI Financial. Pursuant to the deal, CI’s U.S. wealth management assets surpass $100B in less than two years. Following the completion of all announced transactions, CI's U.S. assets are expected to reach approximately $105B or C$130B, while its total assets globally are anticipated to reach US$291B, C$360B. The transaction is expected to close later this month, subject to regulatory and other customary

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CI Financial to acquire RegentAtlantic