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.
To contact the reporter on this story: Sean B. Pasternak in Toronto at firstname.lastname@example.org.