On November 28, 2024, CI Financial Corp. (TSX: CIX) announced a definitive agreement to be taken private by Mubadala Capital in a transaction valuing CI’s equity at $4.7 billion and its enterprise value at $12.1 billion. Shareholders will receive $32.00 per share, representing a 33% premium to the last closing price. The transaction is expected to close in Q2 2025, pending shareholder, court, and regulatory approvals.

Advisors for CI include Stikeman Elliott LLP, Skadden, Arps, Slate, Meagher & Flom LLP, RBC Capital Markets, and Wildeboer Dellelce LLP, with INFOR Financial providing a fairness opinion. Mubadala Capital is advised by Jefferies Securities Inc., Blake, Cassels & Graydon LLP, Latham & Watkins LLP, and BMO Capital Markets.

Torys LLP is acting as Canadian counsel to Bain Capital, a holder of preferred equity in Corient Holdings Inc., with a team led by John Emanoilidis and including Brett Saulnier (corporate/M&A), Omar Wakil (foreign investment), and Jerald Wortsman (tax).

The transaction preserves CI’s structure and management, including its U.S. subsidiary, Corient, and maintains its investment-grade credit ratings. CI shares will be delisted following the closing.