07:52 AM EST, 11/25/2024 (MT Newswires) -- CI Financial ( CIXXF ) said Monday that it signed a definitive agreement allowing Mubadala Capital, the alternative asset management arm of Mubadala Investment Company, to take it private.

The transaction values CI's equity at about $4.7 billion and implies an enterprise value of about $12.1 billion. Under the terms, CI shareholders will receive $32.00 in cash per share held, representing a 33% premium over the last closing price and 58% over the 60-day volume-weighted average trading price.

After closing, CI will continue to operate with its current structure and management team and will be independent of Mubadala Capital's other portfolio businesses.

The transaction was unanimously approved by a special committee of independent members of CI's board. Chief Executive Officer Kurt MacAlpine will continue to lead CI.

According to Monday's statement, the transaction also supports CI's expansion in the U.S., where it operates as Corient and will continue to operate independently under the Corient brand.

"Mubadala Capital invests with a long-term outlook and represents long-term capital -- providing stability and certainty for CI's clients and employees," said MacAlpine, CI's CEO.

The deal is expected to close in the second quarter of 2025.