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8 months ago
BRIEF-IGM Financial acquires 10 pct interest in China Asset Management Co
December 29, 2016 / 12:23 PM / 8 months ago

BRIEF-IGM Financial acquires 10 pct interest in China Asset Management Co

Dec 29 (Reuters) - IGM Financial Inc

* Acquires 10% interest in market-leading China Asset Management Co Ltd

* Mackenzie Investments has opportunity to increase its equity position by additional 3.9% in January through another purchase agreement

* Both transactions involve separate non-strategic shareholders that are state-owned enterprises in China

* Proposed transaction is expected to be accretive to IGM financial's earnings in first full year of ownership

* Unit, Mackenzie Financial Corp has entered into an agreement to acquire a 10% interest in China Asset Management Co Ltd

* Deal for RMB¥2.4 billion (CAD$468 million)

* IGM Financial - expects to finance transaction with a combination of existing cash and issuance of debt and/or preferred shares in first half of 2017 Source text for Eikon: Further company coverage:

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