Canadian investment firm CI Financial is selling a 20% stake in its U.S. wealth-management arm to a group of investors including private-equity firm Bain Capital, shelving plans for an IPO of the business.
The group, which also includes the Abu Dhabi Investment Authority, Ares Management and the state of Wisconsin, is making a roughly $1 billion investment that values the business at about $5.3 billion, CI Financial executives told The Wall Street Journal. Proceeds will be used to pay down CI Financial’s hefty debt load.
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