CI Financial keeps Toronto base and eyes Corient's US expansion under new ownership
Mubadala Capital has taken CI Financial private in one of Canada’s largest recent take-private transactions, paying $32 per share and valuing the firm’s equity at about $4.7bn, according to Global Data.
The arrangement, governed by Ontario’s Business Corporations Act, implied an enterprise value near $12.1bn and represented a premium of roughly 33 percent above the prior closing price and 58 percent above the 60-day volume-weighted average, as reported by Arabian Post.
CI Financial will remain headquartered in Toronto under its existing structure, branding, and leadership. CEO Kurt MacAlpine, who rolled over all of his equity into the continuing entity, said: “This is an exciting new chapter for CI.
In Mubadala Capital we’ve found the perfect partner – one who shares our aspirations and is committed to supporting the next phase of our journey.
Together, we are uniquely positioned to expand our capabilities, accelerate growth and unlock even greater value for the clients we serve,” as noted in the press release.
The acquisition adds CI Financial to Mubadala Capital’s roster of asset management businesses and lifts its total assets under advice, management, or administration to more than US$430bn, as per Global Data.
Mubadala has stated it will preserve CI’s Canadian operations and independence from its broader portfolio, while the board and its special committee of independent directors unanimously supported the agreement.
With the transaction complete, CI gains access to Mubadala’s long-term capital and international network.
MacAlpine said this positions the firm to scale strategic priorities, including the expansion of Corient, its US subsidiary, while maintaining Corient’s private partnership model, according to Arabian Post.
Mubadala Capital CEO and managing director Hani Barhoush said the partnership combines CI’s wealth management expertise with the firm’s alternative investment capabilities and global reach.
He added, “We are building a differentiated platform focused on the thoughtful stewardship of capital — helping clients grow, preserve, and manage wealth across generations,” as reported in the press release.
The deal, first announced in November 2024, underscores Mubadala Capital’s ambition to expand in North America and follows other large-scale investments such as Fortress Investment Group.
Arabian Post noted that the transaction highlights a wider trend of sovereign wealth funds and private investors acquiring established financial services firms.
