CI Financial shopping Sentry Investments for $780M

CI Financial Corp. has concluded to buy Sentry Investments Corp. in a accessible understanding value about $780 million, adding to a portfolio of mutual funds.

CI’s resources underneath government will arise by 16 per cent to $140 billion when a understanding closes, theme to regulatory approvals.

The companies contend Sentry will sojourn a standalone brand, charity some-more than 45 mutual supports to a Canadian market.

CI Financial will compensate $230 million of a squeeze cost in money and a change in shares.

The understanding came as CI reported a second-quarter distinction of $96.3 million or 37 cents per share, down from $128.6 million or 47 cents per share a year ago.

On an practiced basis, CI warranted $141.3 million or 54 cents per share in a latest quarter, adult from $128.6 million or 47 cents per share in a same entertain final year.

Article source: http://www.cbc.ca/news/business/ci-financial-takeover-sentry-1.4241960?cmp=rss