While the total value of deals last week was $2.25 billion, it was largely off the Bank of Nova Scotia’s strong balance sheet with their $2.07 billion acquisition of CI Financial Income Fund significantly boosting poor numbers. Only 22 transactions occurred last week, no surprise considering the amount of fear and panic in the market.
Selected Transactions:
Target: CI Financial Income Fund
Acquirer: Bank of Nova Scotia
Seller: Sun Life Financial
Value: $2.07 billion
Target Financial Advisor: Scotia Capital
In a move to increase their capital base, Sun Life Financial, one of Canada’s largest insurers, sold a 37% stake in CI Financial Income Fund to the Bank of Nova Scotia for $2.07 billion in cash. The move makes the Bank of Nova Scotia the third largest fund company in Canada and a real competitor to IGM Financial and RBC. This is the Bank of Nova Scotia’s second major acquisition in the last few months after acquiring E*TRADE Canada for $442 million in July.
Posted by jqwerty 


