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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.
The 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.