06:51 AM EDT, 09/12/2024 (MT Newswires) -- Canaccord Genuity Group ( CCORF ) on Thursday agreed to buy Brooks Macdonald Group's asset management subsidiary for about 50 million pounds.

The payment includes 28 million pounds in cash and an additional part of up to 22.9 million pounds payable on the second anniversary of the completion of the deal, subject to certain revenue targets being met. The acquisition will be made by Canaccord Genuity Wealth (International) Holdings.

The deal, which is expected to be completed by the end of March 2025, is subject to regulatory approval and other customary closing conditions, a Canaccord statement said.

BMI provides investment management, financial planning and fund management services through its offices in Jersey, Guernsey, and the Isle of Man. As of 30 June 2024, BMI had funds under management of 2.3 billion pounds and annual revenue of 19.9 million pounds.

Canaccord rose $0.16, or near 2%, to $8.35 on the TSX on Wednesday.