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

Published 2016-12-29, 07:19 a/m
© Reuters. BRIEF-IGM Financial acquires 10 pct interest in China Asset Management Co
IGM
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Dec 29 (Reuters) - IGM Financial Inc IGM.TO

* 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: ID:nCCN3Wt598 Further company coverage: IGM.TO

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