Mubadala Capital, the sovereign wealth fund of Abu Dhabi, is acquiring Canadian wealth manager CI Financial in a C$12.1 billion ($8.66 billion) all-cash deal. The offer price of C$32 per share represents a 33% premium, boosting CI’s shares by 30% after the announcement. While CI Financial has recently focused on acquiring traditional advisory firms in the U.S., it has a history of fintech investments in Canada. It acquired Virtual Brokers, a Canadian online brokerage, in 2017, and WealthBar, the country's second-largest robo-advisor, in 2020. These were integrated into CI Direct Investing, blending a digital-first approach with its advisor-led services in Canada. It also issued co-branded credit cards for its Canadian wealth clients with Canadian fintech Neo Financial in October 2024. Once privatized, CI Financial will be able to tap into Mubadala Capital’s oil money to accelerate its growth in the U.S. However, it remains unclear if its growth plans in the U.S. will include fintech acquisitions and partnerships.
This story was initially published in this week’s issue of Global Fintech Insider. To read the other (hopefully) insightful fintech stories I've covered in it, click the link in the comments.
