Mubadala Capital has completed the acquisition of Canadian financial organization CI Financial.
Mubadala Capital Expands Asset Management Portfolio with Acquisition of CI Financial
Mubadala Capital, a global investment firm, has significantly expanded its footprint in North American asset and wealth management with the acquisition of CI Financial, a leading Canadian asset manager, in November 2024. The transaction, valued at approximately CAD 12.1 billion (about USD 8.76 billion) enterprise value, saw Mubadala Capital acquire all issued and outstanding common shares of CI for CAD 32.00 per share in cash consideration.
The purchase price represented a premium of approximately 33% over CI’s prior closing share price and 58% above the 60-day volume-weighted average price. Notably, CEO Kurt MacAlpine, along with other members of CI’s management, rolled over all their equity into the continuing private company, indicating alignment and commitment to Mubadala’s vision.
With this acquisition, Mubadala Capital now manages, advises on, or administers over USD 430 billion in assets, making it a major player in the global investment landscape. CI Financial, headquartered in Toronto, will continue to operate independently under its existing corporate structure, branding, and leadership team led by CEO Kurt MacAlpine.
Mubadala Capital positions CI as part of a broader asset management platform combining alternative investments with wealth management services globally. A particular focus will be on the growth of Corient, CI Financial's subsidiary in the US, as it seeks to broaden its market presence.
The support from Mubadala Capital is expected to enable CI Financial to pursue new opportunities within the asset and wealth management sectors, both in North America and internationally. CI Financial now has enhanced access to Mubadala Capital's global network and financial backing.
Hani Barhoush, CEO and MD of Mubadala Capital, stated that they are building a differentiated platform focused on the thoughtful stewardship of capital. The platform aims to help clients grow, preserve, and manage wealth across generations, while driving innovation in how wealth is served.
CEO Kurt MacAlpine has committed to reinvesting his equity into the partnership with Mubadala Capital, further solidifying the alignment between the two entities. The expansion of Mubadala's portfolio is in line with its objective to establish an asset management platform that integrates alternative investment classes and geographic markets.
In summary, the acquisition of CI Financial by UAE-based Mubadala Capital has positioned both entities for growth and expansion in the global asset and wealth management sectors. CI Financial, under its existing leadership, will continue to operate independently while benefiting from Mubadala Capital's global network and financial backing.
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