The Quebec company IA financial group offers to buy the independent wealth manager RF Capital, an acquisition project valued at 600 million.
RF Capital is a Canadian company registered on the Toronto Stock Exchange exercising its activities under the Heritage brand Richardson.
The former Industrial Alliance offers $ 20 per silver share to RF Capital shareholders, the equivalent of a bonus greater than 100 % compared to the closing course of the $ 9.65 of RF Capital on Friday on the Toronto Stock Exchange.
This transaction would extend the wealth management network to 2,750 partners in addition to bringing the assets under administration combined with around $ 175 billion with the addition of $ 40 billion in administration.
Heritage Richardson has 189 advisers in 23 offices.
“This acquisition marks a crucial step in our strategy aimed at extending and strengthening our position in the Canadian Independent Heritage Management sector,” said the CEO of the financial group IA, Denis Ricard, at a conference call on Monday morning.
He specifies that the operation would position the AI financial group as the first non -banking independent heritage manager in the country by strengthening the presence of the company in the segment of wealthy customers.
In his eyes, the acquisition of RF Capital is not only complementary, but also constitutes a “powerful” growth lever. “Our teams have identified significant cost and income synergies,” said Denis Ricard.
The Board of Directors of RF Capital unanimously recommends the transaction.
This would be the largest acquisition of the history of the financial group AI in wealth management and the second largest acquisition ever made by the company all sectors combined, after that of the American supplier of car guarantees, IAS, five years ago for just over a billion dollars.