04:25 AM EDT, 06/20/2025 (MT Newswires) -- Bank of Montreal ( BNKD ) has agreed to acquire wealth manager Burgundy Asset Management for about $625 million, the companies said Thursday.

The consideration is payable in Bank of Montreal ( BNKD ) common shares, including a $125 million holdback to be paid subject to Burgundy maintaining certain assets under management 18 months following the deal's closing. An earn-out component may also be paid in the future, subject to certain growth targets being achieved, the companies said.

The deal is expected to close by the end of 2025, following which Burgundy will operate as part of BMO Wealth Management and Burgundy Chief Executive Robert Sankey will continue to lead the business.