CI Financial Secures "Overwhelming" Shareholder Backing To Go Private

Tom Burroughes

13 February 2025

Canada-listed CI Financial yesterday said that an “overwhelming” majority of its shareholders have backed a previously-announced move with an Abu Dhabi-based group to take it private.

An affiliate of funds managed by Mubadala Capital will acquire, all of the issued and outstanding common shares of the group, it said in a statement.

As reported previously, CI is being taken private in a C$4.7 billion deal, giving the group a C$12.1 billion enterprise value. CI has said it will continue to operate with its current structure and management team and be independent of Mubadala Capital’s other portfolio businesses.

CI’s purchase of a raft of US wealth management businesses – starting in 2020 – has been one of the stand-out stories within North American M&A. Separately, CI’s US wealth management business, now known as Corient, has continued to buy firms. On January 22, it acquired Geller’s multi-family office business, Geller MFO. That deal is also one of the largest that Corient has executed.