Australia's Macquarie Group said Monday it has agreed to buy investment dealer Blackmont Capital Inc. from CI Financial Corp. for $93.3-million in cash.
CI said it will be keeping Blackmont's capital markets division, which produces independent financial research.
"Macquarie will provide an excellent home with strong support for Blackmont's retail advisors, and foster the continued growth of their practices," Bill Holland, CI chief executive, said in a release.
CI expects to close by the end of the year.
Macquarie will be rebranded "Macquarie Private Wealth" and added to its Banking and Financial Services Group. Bruce Kagan, Blackmont chief executive, will continue to run the company while Macquarie director Earl Evans will become president, Macquarie said in a release.
"This transaction will enable us to deliver more to our people and clients. Macquarie brings to Blackmont a strong balance sheet, a commitment to growth, broad equity research and access to new products and proprietary deal flow," Mr. Kagan said in a release from Macquarie.
The sale to Macquarie had been rumoured in recent weeks, with the selling price estimated at between $105-million and $140-million.
CI had originally acquired Blackmont as part of its deal for Rockwater Capital in early 2007 for $251-million.
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