Latest news with #CI
Al Etihad
2 days ago
- Business
- Al Etihad
Mubadala completes acquisition of CI Financial
15 Aug 2025 11:13 A. SREENIVASA REDDY (ABU DHABI)Mubadala Capital has completed its previously announced acquisition of CI Financial Corp., one of North America's leading diversified asset and wealth management firms, the companies said in a joint statement. The deal is valued at C$12.1 billion ($8.9 billion).The transaction, which took effect on August 12, 2025, was executed through a statutory plan of arrangement under the Business Corporations Act (Ontario). Under the deal, Mubadala Capital acquired all outstanding CI common shares for C$32.00 per share, excluding rollover shares held by some executives, representing an equity value of approximately C$4.7 billion ($3.5 billion)."CI Financial is an incredible business that aligns closely with Mubadala Capital's long-term vision and strategy," said Hani Barhoush, CEO and Managing Director of Mubadala Capital. "By combining CI's wealth management expertise and long-standing client relationships with our alternative investment capabilities and global reach, we are building a differentiated platform focused on the thoughtful stewardship of capital — helping clients grow, preserve, and manage wealth across generations, while driving innovation in how wealth is served."Kurt MacAlpine, CEO of CI Financial, said: "This is an exciting new chapter for CI. In Mubadala Capital we've found the perfect partner – one who shares our aspirations and is committed to supporting the next phase of our journey. Together, we are uniquely positioned to expand our capabilities, accelerate growth and unlock even greater value for the clients we serve."Following the acquisition, Mubadala Capital now manages, advises, and administers more than $430 billion in combined assets for clients and limited partners through its asset managers and strategic partners, including CI and its will retain its headquarters in Toronto and continue operating independently under its current corporate structure, brand, and leadership team. MacAlpine will roll all of his equity into the continuing company in partnership with Mubadala shares are expected to be delisted from the Toronto Stock Exchange shortly, though it will remain a reporting issuer in all Canadian provinces. The acquisition also positions CI to further expand Corient, its US subsidiary, while preserving Corient's private partnership model. 'For Mubadala Capital, this investment enhances its strategic presence in the North American investment and wealth management sectors and underscores its ability to execute complex, high-value transactions,' a separate Mubadala statement said. 'It also complements Mubadala Capital's long-term approach to building resilient platforms in key global markets. This investment is designed to provide CI Financial with a stable, well-capitalised platform for future growth, including enhanced reinvestment capacity and continued expansion in its core markets.'
Web Release
3 days ago
- Business
- Web Release
CI Financial and Mubadala Capital Announce Completion of Take-Private Transaction by Mubadala Capital
CI Financial Corp. ('CI' or the 'Corporation') (TSX: CIX) and Mubadala Capital today announced the successful completion, effective August 12, 2025, of the previously announced acquisition of CI, one of North America's leading diversified asset and wealth management companies. The C$12.1-billion transaction marks a significant milestone in Mubadala Capital's growth ambitions, accelerating its expansion into private wealth management and cementing its position at the forefront of a rapidly evolving sector. The transaction was completed by way of a statutory plan of arrangement (the 'Arrangement') under the Business Corporations Act (Ontario). Pursuant to the terms of the Arrangement, among other things, Mubadala Capital acquired all of the issued and outstanding common shares of the Corporation ('CI Shares') for cash consideration equal to C$32.00 per share, other than Rollover Shares (as defined below). The transaction valued CI's equity at approximately C$4.7 billion and implies an enterprise value of approximately C$12.1 billion. With this transaction, Mubadala Capital now manages, advises, and administers for clients and limited partners over US$430 billion in combined assets through its asset managers and strategic partners, including CI and its affiliates. The scale underscores Mubadala Capital's vision to build a leading asset management platform that combines institutional-quality alternative investments across multiple asset classes and geographies, including private equity, credit, special opportunities with a focus on Brazil and other alternative investments, with comprehensive wealth management services. 'This is an exciting new chapter for CI. In Mubadala Capital we've found the perfect partner – one who shares our aspirations and is committed to supporting the next phase of our journey,' said Kurt MacAlpine, Chief Executive Officer of CI. 'Together, we are uniquely positioned to expand our capabilities, accelerate growth and unlock even greater value for the clients we serve.' CI's headquarters remains in Toronto and the firm continues to operate independently under its current corporate structure, strategy, brand names and management team, led by Mr. MacAlpine. The CEO is rolling all1 of his equity into the continuing company in partnership with Mubadala Capital, demonstrating his commitment to their shared vision for CI. With the transaction now closed, CI gains access to Mubadala Capital's global network and capital resources to accelerate strategic initiatives and capitalize on new opportunities in the evolving asset and wealth management landscape in North America and globally. In particular, the transaction positions CI to continue the expansion of Corient, its U.S. subsidiary. The deal preserves Corient's unique private partnership model, which has been a key driver of its success. 'CI Financial is an incredible business that aligns closely with Mubadala Capital's long-term vision and strategy,' said Hani Barhoush, CEO and Managing Director of Mubadala Capital. 'By combining CI's wealth management expertise and long-standing client relationships with our alternative investment capabilities and global reach, we are building a differentiated platform focused on the thoughtful stewardship of capital — helping clients grow, preserve, and manage wealth across generations, while driving innovation in how wealth is served.' The transaction builds on Mubadala Capital's deep expertise in building and scaling complex, multi-jurisdictional businesses and positions the firm to support CI's continued growth and innovation in serving clients. Action Required by CI Shareholders Registered shareholders of CI are reminded to submit a duly completed letter of transmittal and, as applicable, the certificate(s) representing their common shares, to Computershare Investor Services Inc. ('Computershare'). Registered shareholders who have questions or require assistance can contact Computershare toll free at 1-800-564-6253 in North America, or at 1-514-982-7555 outside North America, or by email at [email protected] . With the Arrangement now complete, CI's common shares are expected to be delisted from the Toronto Stock Exchange ('TSX') shortly after the date hereof; however, CI will remain a reporting issuer in each of the provinces of Canada. For additional details regarding the Arrangement, see CI's management information circular dated January 7, 2025, (the 'Information Circular') a copy of which can be found under CI's issuer profile on SEDAR+ at . Board of Directors Changes In connection with completion of the Arrangement, William Butt, Brigette Chang, Paul J. Perrow and Sarah Ward have resigned as directors of CI and were replaced by Samuel Merksamer, Murat Konuk and Glyn Barker. William Holland and Kurt MacAlpine will remain as directors of CI following completion of the Arrangement. Mr. Merksamer is an Executive Director at Mubadala Capital (since 2024). He previously was a Partner at One Investment Management from 2022 to 2024. Prior to then, Mr. Merksamer was a Partner at SoftBank Investment Advisers and a Managing Director at SB Management, an affiliate of SoftBank, from 2019 to 2022. From 2017 to 2019, he was a co-founder of Caligan Partners, L.P., an investment firm. Mr. Merksamer was a Managing Director of Icahn Capital LP, a subsidiary of Icahn Enterprises L.P., from 2008 to 2016. Mr. Merksamer has an A.B. degree, Economics from Cornell University. Mr. Konuk joined Mubadala Capital in 2023 and is a Senior Principal on the Private Equity Team. Prior to joining Mubadala Capital, Mr. Konuk worked at a number of private equity firms, including Blackstone and Castle Harlan. Mr. Konuk graduated from Rice University with a B.A. in Mathematical Economic Analysis. Mr. Barker was Managing Partner of PricewaterhouseCoopers LLP UK ('PwC') from 2006 to 2008 and then served as Vice Chairman from 2008 to 2011. Mr. Barker joined PwC in 1975 and became an audit partner in 1987. He then established PwC's private equity-focused Transactions Services business and led the UK Audit Practice. Since leaving PwC in 2012, Mr. Barker has served as a director of several public companies including Aviva plc (Senior Independent Director), Berkeley Group Holdings plc (Chairman) and Transocean Limited. Mr. Barker received his Bachelor of Science degree in Economics & Accounting from the University of Bristol in 1975 and is a Chartered Accountant. Early Warning Disclosure of Mubadala Capital Pursuant to the Arrangement, MC Accelerate Co-Invest LP (the 'Mubadala Investor'), an entity managed by Mubadala Capital Management UK LLP, indirectly, via Accelerate Holdings Corp., acquired all of the CI Shares (other than the CI Shares held by Mr. MacAlpine, a director and the CEO of CI (the 'Rollover Shares')) for a price of C$32.00 per CI Share. MC Accelerate Holdings LP ('Holdings LP'), a limited partnership that is an affiliate of the Mubadala Investor, acquired all of the Rollover Shares in exchange for class A interests of Holdings LP at an implied value of C$32.00 per Rollover Share. The Rollover Shares have since been contributed to Accelerate Holdings Corp. In aggregate, the Mubadala Investor paid C$4,599,384,096 to acquire all of the CI Shares. Immediately prior to the completion of the Arrangement, the Mubadala Investor did not beneficially own, directly or indirectly, or exercise control or direction over, any CI Shares or any securities convertible into or exercisable for CI Shares. Following the completion of the Arrangement on August 12, 2025 and certain internal reorganization transactions completed immediately thereafter, the Mubadala Investor owned, indirectly through Accelerate Holdings Corp., 144,228,914 CI Shares, representing 100% of the issued and outstanding CI Shares. The Mubadala Investor acquired the CI Shares to acquire indirect control over CI as a strategic, long-term investment. However, the Mubadala Investor intends to review its investment in CI on a continuing basis and may, from time to time and at any time, and depending on market and other conditions, elect to sell all or a portion of its interest in CI or cause CI to divest a portion of its assets or reorganize the business of CI, depending on a number of factors, including general market and economic conditions and other factors and conditions the Mubadala Investor deems appropriate. In addition, Accelerate Holdings Corp. has obtained a final order of the Ontario Superior Court of Justice (Commercial List) approving a subsequent arrangement under section 182 of the Business Corporations Act (Ontario) pursuant to which CI will amalgamate with Accelerate Holdings Corp., with CI continuing its existence as the surviving corporation and an indirect wholly-owned subsidiary of the Mubadala Investor and Accelerate Holdings Corp. ceasing to exist (the 'Amalgamation Arrangement'). It is expected that the Amalgamation Arrangement will be completed within the next week. The Mubadala Investor is a limited partnership existing under the laws of England & Wales and its manager, Mubadala Capital Management UK LLP, is a limited liability partnership existing under the laws of England & Wales. Both have head offices located at 25 Berkeley Square, W1J 6HN, London, England. An early warning report will be filed by the Mubadala Investor under applicable Canadian securities laws and once filed will be available on CI's SEDAR+ profile at . A copy of such report may also be obtained from: Rodney Cannon General Counsel UAE +971 2 236 1003 UK +44 20 3650 3333 US +1 929 562 5151 Advisors to the transaction INFOR Financial served as exclusive financial advisor and Wildeboer Dellelce LLP served as legal advisor to the Special Committee of the CI Board of Directors. Stikeman Elliott LLP and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisors to CI. RBC Capital Markets was also an advisor to CI. Jefferies Securities Inc. acted as lead financial advisor to Mubadala Capital and Blake, Cassels & Graydon LLP, and Latham & Watkins LLP served as legal advisors to Mubadala Capital. FGS Longview acted as strategic communications and public affairs advisor to Mubadala Capital. BMO Capital Markets was also an advisor to Mubadala Capital.
Time of India
3 days ago
- Time of India
Police foil terror plot; arrest 2 with grenades ahead of I-Day
Ferozepur: Police have foiled a major terror attack planned by Pakistan's Inter-Services Intelligence (ISI) and Babbar Khalsa International (BKI) to disrupt Independence Day celebrations in Punjab. Acting on specific intelligence, the counter intelligence (CI) team in Ferozepur arrested two terrorists, exposing the plot. Punjab DGP Gaurav Yadav said both the arrested accused were working on the instructions of handlers sitting in the UK, America, and Europe. He said they were plotting to target govt offices and programmes using grenades. According to information, the police recovered two hand grenades, a Beretta nine mm pistol, and five live cartridges from the arrested. Officials say that by taking timely action, a major terrorist attack was averted, averting a serious threat to the Independence Day celebrations and the security of Punjab. The development came two days after the Punjab police busted a BKI terror module with the arrest of five operatives, including three juveniles, from Tonk and Jaipur districts of Rajasthan. DGP Yadav said investigations are ongoing to establish forward and backward linkages in this case. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Seniors are going crazy for these comfy, stylish, easy-on shoes Ultra-Comfortable Shoes Undo Sharing operation details, Ferozepur CI assistant inspector general of police (AIG) Gursewak Singh Brar said that following credible human intelligence, teams from CI Ferozepur launched an intelligence operation and arrested suspects, Harpreet Singh alias Preet and Gulshan Singh alias Nandu, from Talwandi Bhai in Ferozepur. The AIG said that police have obtained remand of the accused persons, and further interrogation is expected to reveal more details regarding their contacts within and outside the country and their intended targets. A case FIR under Section 25 of the Arms Act and sections 3, 4, and 5 of the Explosive Substances Act has been registered at Fazilka state special operations cell (SSOC) police station. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. "Get the latest news updates on Times of India, including reviews of the movie Coolie and War 2 ."
Business Wire
3 days ago
- Business
- Business Wire
CI Global Asset Management Announces August 2025 Distributions for the CI ETFs
TORONTO--(BUSINESS WIRE)-- CI Global Asset Management ('CI GAM') announces the following regular cash distributions for the month ending August 31, 2025 in respect of the CI ETFs. In all cases, the distribution will be paid on or before August 29, 2025 to unitholders of record on August 25, 2025. The ex-dividend date for all ETFs is August 25, 2025. Supporting investors' needs Stay in the market, minimize costs, and take advantage of a smart, simple and efficient feature designed to support investors' needs. The CI Distribution Reinvestment Plan (DRIP) will automatically reinvest cash distributions into the CI ETF making the distribution. All of the distributions indicated in the table above will be paid in cash unless the unitholder has enrolled in the applicable DRIP of the respective ETF. For more information on how to enroll in DRIP and other considerations, please see the applicable ETF's prospectus. About CI Global Asset Management CI Global Asset Management is one of Canada's largest investment management companies. It offers a wide range of investment products and services and is on the web at CI Global Asset Management is a subsidiary of CI Financial Corp., an integrated global asset and wealth management company with $550.9 billion in total assets as at June 30, 2025. Commissions, trailing commissions, management fees and expenses all may be associated with an investment in mutual funds and exchange-traded funds (ETFs). Please read the prospectus before investing. In the case of Money Market Funds, note that mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. Important information about mutual funds and ETFs is contained in their respective prospectus. Mutual funds and ETFs are not guaranteed; their values change frequently, and past performance may not be repeated. You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on recognized Canadian exchanges. If the units are purchased or sold on these Canadian exchanges, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them. CI Liquid Alternative investment funds have the ability to invest in asset classes or use investment strategies that are not permitted for conventional mutual funds. The specific strategies that differentiate these investment funds from conventional fund structure include increased use of derivatives for hedging and non-hedging purposes; increased ability to sell securities short; and the ability to borrow cash to use for investment purposes. While these strategies will be used in accordance with the investment funds' investment objectives and strategies, during certain market conditions they may accelerate the pace at which your investment decreases in value. This communication is intended for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase mutual funds managed by CI Global Asset Management and is not, and should not be construed as, investment, tax, legal or accounting advice, and should not be relied upon in that regard. Every effort has been made to ensure that the material contained in this document is accurate at the time of publication. Individuals should seek the advice of professionals, as appropriate, regarding any particular investment. Investors should consult their professional advisors prior to implementing any changes to their investment strategies. These investments may not be suitable to the circumstances of an investor. Certain statements in this document are forward-looking. Forward-looking statements ('FLS') are statements that are predictive in nature, depend upon or refer to future events or conditions, or that include words such as 'may,' 'will,' 'should,' 'could,' 'expect,' 'anticipate,' 'intend,' 'plan,' 'believe,' or 'estimate,' or other similar expressions. Statements that look forward in time or include anything other than historical information are subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the FLS. FLS are not guarantees of future performance and are by their nature based on numerous assumptions. Although the FLS contained herein are based upon what CI Global Asset Management and the portfolio manager believe to be reasonable assumptions, neither CI Global Asset Management nor the portfolio manager can assure that actual results will be consistent with these FLS. The reader is cautioned to consider the FLS carefully and not to place undue reliance on FLS. Unless required by applicable law, it is not undertaken, and specifically disclaimed that there is any intention or obligation to update or revise FLS, whether as a result of new information, future events or otherwise. The CI Exchange-Traded Funds (ETFs) are managed by CI Global Asset Management, a wholly owned subsidiary of CI Financial Corp. (TSX: CIX). One Capital Management, LLC, Marret Asset Management Inc., and DoubleLine Capital LP are portfolio sub-advisors to certain funds offered and managed by CI Global Asset Management. Marret Asset Management Inc. is an affiliate of CI Global Asset Management. CI Global Asset Management is a registered business name of CI Investments Inc.
Arabian Post
3 days ago
- Business
- Arabian Post
Mubadala Capital Finalises Take-Private of CI Financial
CI Financial has been officially taken private by Mubadala Capital following the completion of all necessary approvals, effective 12 August 2025. The deal, structured under a statutory plan of arrangement governed by Ontario's Business Corporations Act, sees Mubadala Capital purchasing all outstanding common shares of CI Financial for C$32 per share, valuing the company's equity at approximately C$4.7 billion and implying an enterprise value near C$12.1 billion. The transaction adds CI Financial to Mubadala Capital's expanding roster of asset management businesses, bringing its total assets under advice, management, or administration to over US$430 billion. CEO Kurt MacAlpine, who is rolling over all his equity into the continuing entity, emphasised that CI has gained a partner aligned with its growth aspirations, one that will help accelerate its expansion and unlock greater value for clients. CI Financial will remain headquartered in Toronto and continue to operate under its existing structure, branding and leadership. Mubadala Capital has committed to maintaining its Canadian operations and preserving its independence from Mubadala's broader portfolio. ADVERTISEMENT By integrating CI Financial, Mubadala Capital strengthens its position in private wealth management and continues its push into North American markets. The firm's strategic expansion aligns with its ambitions to build a robust, globally diversified asset management platform covering private equity, credit, special opportunities, and wealth services. CI Financial's board, including a special committee of independent directors, had unanimously supported the transaction, highlighting the premium of C$32 per share—about 33 per cent above the prior closing price and 58 per cent above the 60-day volume-weighted average—as an excellent outcome for shareholders and a source of certainty amid volatile markets. With regulatory approvals now secured, the deal shifts from strategy to execution. CI gains access to substantial long-term capital and Mubadala's global network, positioning it to scale key initiatives such as the expansion of Corient—the U. S. subsidiary—with its distinctive private partnership model preserved. This landmark transaction marks one of the largest take-private deals in Canada in recent times. It signals Mubadala Capital's commitment to active participation in the private capital and wealth management space, building on previous large-scale investments such as Fortress Investment Group and others. Emerging trends point to growing interest from sovereign wealth funds and private investors in acquiring established financial services firms. The CI deal serves as a case study in leveraging private ownership to provide operational flexibility, strategic focus, and capital stability while benefiting shareholders through a significant premium.
