Fiera Sceptre Inc. (FSZ), a Montreal-based money manager, agreed to buy Natcan Investment Management from National Bank of Canada for C$309.5 million ($308.4 million) in cash and stock to increase assets under management.
Fiera will pay C$235 million when the deal is completed and another C$74.5 million “over time,” the company said today in a statement. National Bank will hold a 35 percent stake in the unit.
Fiera said the purchase from Canada’s sixth-largest bank will bring its assets to about C$54 billion and make it one of the five largest independent asset managers in Canada. National Bank said the transaction will be “neutral” to its earnings.
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