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Laxman Pai, Opalesque Asia: Abu Dhabi Sovereign-wealth investor Abu Dhabi Development Holding Co (ADQ) and Canada's Bank of Montreal plan to acquire minority equity stakes in Sagard, a global multi-strategy alternative asset management firm with $14.5 billion in assets, they said in a joint statement on Thursday.
As part of the deal, Canadian insurance-centered financial holding firm Great-West Lifeco will increase an existing minority stake, helping to drive Sagard's future growth, including mergers and acquisitions, said a joint media release.
Under these agreements, ADQ, BMO, and GWL have agreed to invest capital to drive Sagard's future growth, including through M&A transactions. In closing, Power Corporation of Canada will remain the controlling shareholder of Sagard.
In addition, the strategic partners have agreed with Sagard to make respective commitments of additional long-term capital to Sagard's existing and future investment strategies, strengthening fundraising potential and accelerating the firm's ability to launch new products.
"We are thrilled to welcome ADQ and BMO as strategic partners and to strengthen our relationship further with GWL," said Paul Desmarais III, Chairman and CEO of Sagard. "These strategic partnerships will significantly accelerate our vision of becoming one of the most respected alternative investment management firms globally. Strategic partner capital enables us to attract high-quality investment teams,...................... To view our full article Click here
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