The Abu Dhabi Government Holding Company (ADQ) and the Canadian Bank of Montreal (BMO) said in a joint statement, Thursday, that they intend to acquire two minority stakes in Sagard, a global multi-strategic alternative asset management company.
As part of the transaction, Canadian insurance-focused Great-West LifeCo Financial Holdings Inc. will increase an existing minority stake, helping to drive Sagard’s future growth, including through mergers and acquisitions, they added.
The transaction is expected to close in the third quarter of the year, and the matter is subject to obtaining regulatory approvals. The statement added that Canadian energy company Power Corporation will remain the controlling shareholder in Sagard.
ADQ, Bank of Montreal and Great-West LifeCo will also make additional long-term capital commitments for Sagard’s current and future investment strategies, boosting the fundraising prospects and accelerating the company’s ability to launch new products.
2023-07-06 05:25:29
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