MONTREAL – Desjardins Group has signed an agreement to acquire the life insurance, mutual fund and investment distribution network of Guardian Capital Group Ltd. for 750 million dollars.
The CEO of Desjardins Group, Mr. Guy Cormier, confirms that this transaction allows him to position himself as a leader in the independent distribution of life insurance in Canada and to strengthen his distribution of retail investment products.
Under the agreement, Desjardins will acquire IDC Worldsource Insurance Network Inc, mutual fund broker Worldsource Financial Management Inc and full-service securities broker Worldsource Securities Inc.
It says it plans to operate the acquired businesses as standalone entities and expects them to continue to be led by current management teams and employees.
The transaction is expected to be completed in the first quarter of next year and is subject to customary closing conditions, including regulatory approvals.
Desjardins Group is one of the largest cooperative financial groups in the world.
This report from La EssonneInfo was first published on November 30, 2022.
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