Industrial Alliance Insurance and Financial Services has signed an agreement to acquire the entire issued and outstanding common shares of asset management firm Jovian Capital Corporation for a cash consideration of $10.23 per share.
The agreement, which is expected to close in October 2013, includes a termination fee of $4m to be payable by Jovian to Industrial Alliance in the event of non closure of deal.
Industrial Alliance president and CEO Yvon Charest said that the Jovian operating companies bring distinctive and unique products and service expertise that complement the company’s existing wealth management platform.
"We look forward to working with them to expand our products and services to current distribution partners as well as extending that offering to broader distribution channels," Charest added.
Industrial Alliance is a life and health insurance company with operations in all regions of Canada as well as in the US.