CI Financial buying Sentry Investments for $780M

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Sentry wish remain a standalone brand, offering more than 45 communal funds

The Canadian Press Posted: Aug 10, 2017 1:08 PM ET Last Updated: Aug 10, 2017 1:08 PM ET

CI Pecuniary Corp. has agreed to buy Sentry Investments Corp. in a friendly deal importance about $780 million, adding to its portfolio of mutual funds.

CI’s assets below management will rise by 16 per cent to $140 billion when the grapple with closes, subject to regulatory approvals.

The companies say Sentry will oddments a standalone brand, offering more than 45 mutual caches to the Canadian market.

CI Financial will pay $230 million of the purchase evaluate in cash and the balance in shares.

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

On an set right basis, CI earned $141.3 million or 54 cents per share in its most recent quarter, up from $128.6 million or 47 cents per share in the identical quarter last year.

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