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CI Nixes IPO Plans for U.S. Wealth Unit, Sells Stake to Pay Debt

Toronto’s CI Financial has put on hold plans to take its U.S. wealth management unit public, instead selling a minority stake in the division to pay down debt accumulated through an acquisition spree. So reports Bloomberg.

CI FinancialThe asset manager said that Bain Capital, Abu Dhabi Investment Authority, Ares Management and the state of Wisconsin were part of an investor group buying a 20% stake.

CI said the $1 billion investment values CI’s U.S. business at roughly $5.3 billion.

Read the full article from Bloomberg.

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