Mubadala Capital wraps up purchase of Canadian wealth firm CI Financial

UAE-based Mubadala Capital has concluded the acquisition of CI Financial, a Canadian asset and wealth management firm.

The transaction, which was first made public in November 2024, which took CI Financial private, valued the company’s equity at nearly C$4.7bn ($3.41bn) and implied an enterprise value of around C$12.1bn.

Under the terms of the agreement, Mubadala Capital has purchased all the issued and outstanding common shares of CI Financial at a price of C$32 per share in cash, excluding certain shares known as Rollover Shares.

Mubadala Capital's portfolio now encompasses over $430bn in assets that it manages, advises on, or administers for its clients and limited partners.

This includes the assets from CI Financial and its affiliated entities.

The expansion is in line with Mubadala’s objective to establish an asset management platform that integrates alternative investment classes and geographic markets.

Despite the change in ownership, CI Financial will retain its operational independence, with its headquarters remaining in Toronto, Canada.

The company will continue to function under its existing corporate framework, guided by its current strategy, branding, and management team, with MacAlpine at the helm.

Furthermore, MacAlpine has committed to the future of the company by reinvesting his equity into the partnership with Mubadala Capital.

CI CEO Kurt MacAlpine stated: “This is an exciting new chapter for CI. In Mubadala Capital we’ve found the perfect partner – one who shares our aspirations and is committed to supporting the next phase of our journey.

“Together, we are uniquely positioned to expand our capabilities, accelerate growth and unlock even greater value for the clients we serve.”

The completion of this acquisition provides CI Financial with enhanced access to Mubadala Capital's global network and financial backing.

The support is expected to enable it to pursue new opportunities within the asset and wealth management sectors, both in North America and internationally.

A particular focus will be on the growth of Corient, CI Financial's subsidiary in the US, as it seeks to broaden its market presence.

Mubadala Capital CEO and MD Hani Barhoush said: “By combining CI's wealth management expertise and long-standing client relationships with our alternative investment capabilities and global reach, we are building a differentiated platform focused on the thoughtful stewardship of capital — helping clients grow, preserve, and manage wealth across generations, while driving innovation in how wealth is served.”

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"Mubadala Capital wraps up purchase of Canadian wealth firm CI Financial " was originally created and published by Private Banker International, a GlobalData owned brand.

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