Desjardins Group has signed a deal to buy Guardian Capital Group Ltd.’s life insurance, mutual fund and investment distribution networks for $750 million.
Desjardins Group chief executive Guy Cormier says the deal positions it as a leader in life insurance independent distribution in Canada and strengthens its distribution of retail investment products.
Under the agreement, Desjardins will acquire IDC Worldsource Insurance Network Inc., mutual fund dealer Worldsource Financial Management Inc. and full-service investment dealer Worldsource Securities Inc.
It says it plans to operate the acquired companies as stand-alone entities, and expects them to continue being led by the current teams of management and employees.
Get daily National news
The transaction is expected to close in the first quarter of next year and is subject to customary closing conditions, including regulatory approvals.
- Eyeing a Chinese EV? You may not be able to drive into the U.S. if bill passes
- U.S. job openings rose in April, despite economic fallout from Iran war
- Canada, U.S. ‘have a lot of work to do’ ahead of CUSMA deadline: LeBlanc
- Is Canada in recession? ‘We see some weakness,’ Carney says, touts ‘process’
Desjardins Group is one of the largest co-operative financial groups in the world.
Comments
Want to discuss? Please read our Commenting Policy first.