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Industrial Alliance to acquire HollisWealth from ScotiaBank

Published 2016-12-05, 05:21 p/m
© Reuters.  Industrial Alliance to acquire HollisWealth from ScotiaBank
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Dec 5 (Reuters) - Industrial Alliance Insurance and Financial Services Inc IAG.TO said it would acquire financial network HollisWealth from ScotiaBank BNS.TO .

The cash-and-stock deal is expected to "modestly" add to Industrial Alliance's earnings in 2018, the company said. which was part of Scotiabank 's acquisition of DundeeWealth Inc, provides diversified investment and wealth management services.

To finance the deal Industrial Alliance is looking to raise about C$139 million through the sale of 2.5 million shares for C$55.65 per share, representing a 2 percent discount to the stock's Monday close.

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