Mubadala Capital to Take CI Financial Private via Premium, All-Cash Offer

– Transaction Overview
– CI Financial Corp. entered into a definitive agreement with Mubadala Capital to go private.
– Valuation: CI’s equity valued at approximately $4.7 billion; enterprise value estimated at $12.1 billion.
– CI will maintain its current structure and management team, operating independently of Mubadala Capital’s other portfolio businesses.

– Key Financial Terms
– Shareholders to receive cash consideration of $32.00 per share.
– Purchase price represents a 33% premium to the last closing price before the announcement and a 58% premium to the 60-day volume-weighted average trading price.
– Certain senior management members to enter equity rollover agreements.

– Board and Special Committee Recommendations
– CI’s Board of Directors, excluding interested members, unanimously recommends shareholders vote in favor.
– A Special Committee, comprised of independent directors, also unanimously supported the transaction.

– Strategic Benefits
– Enhances CI’s transformation and provides certainty for shareholders.
– Delivers long-term capital to strengthen Canada’s wealth and asset management sectors.

– Statements from Leadership
– William E. Butt, Lead Director and Chair of the Special Committee: “This transaction, with its significant cash premium, represents an exceptional outcome for CI shareholders and strengthens Canada’s asset management industry.”
– Kurt MacAlpine, CEO of CI: “Mubadala Capital provides stability and certainty for clients and employees. CI is well-positioned to continue delivering outstanding services.”
– Hani Barhoush, CEO of Mubadala Capital: “We are aligned with CI’s strategy and look forward to partnering with its talented team.”
– Oscar Fahlgren, CIO of Mubadala Capital: “We aim to capitalize on opportunities in asset and wealth management while building on CI’s successes.”

– U.S. Operations and Corient Brand
– Supports CI’s U.S. expansion, operating as Corient, which will remain independent.
– Preserves Corient’s Private Partnership model, with 250 equity partners, promoting collaboration and unified purpose.

– Shareholder approval required for transaction completion.