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.