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EQB Announces Agreement to Acquire Canadian Alternative Asset Manager ACM Advisors
EQB Announces Agreement to Acquire Canadian Alternative Asset Manager ACM Advisors Cana...
About this update from Eqb Inc
[{"type":"text","content":"\n \n \n \n EQB Announces Agreement to Acquire Canadian Alternative Asset Manager ACM Advisors\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n EQB will enter asset management by acquiring an established leader in pooled commercial mortgage funds with an exceptional reputation for customer service\n \n \n \n \n Brings immediate scale with nearly\n \n $5 billion\n \n in assets under management\n \n \n \n \n EQB gains specialized capabilities to serve a new set of Canadian customers\n \n \n \n \n Increases and diversifies fee-based revenue growth for EQB, in addition to non-interest revenue from wholly owned subsidiary Equitable Bank\n \n \n \n \n Expected to be accretive to earnings per share (EPS) in the first year\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Oct. 3, 2023\n \n \n /CNW/ - EQB Inc. (EQB) (TSX: EQB) and (TSX: EQB.PR.C) and ACM Advisors Ltd. (ACM) jointly announced today that they have entered into a definitive agreements by which EQB will acquire a 75% interest in ACM in a cash and share transaction.\n \n \n \n \n \n \n \n \n \n With\n \n $4.8 billion\n \n in assets under management as of\n \n September 30, 2023\n \n , ACM is one of the most respected independent alternative asset managers in\n \n Canada\n \n . Established in 1993 and based in\n \n Vancouver, British Columbia\n \n , ACM specializes in the creation, structuring, and management of pooled Canadian commercial mortgage funds on behalf of pension plans, investment funds, charitable foundations, corporations, and accredited retail investors. ACM will operate as an independent subsidiary of EQB (separate and distinct from EQB's wholly owned subsidiary Equitable Bank,\n \n \n Canada's\n \n Challenger Bank\n \n \n \n TM\n \n \n ).\n \n \n EQB anticipates the acquisition will close before the end of 2023, subject to the receipt of regulatory approvals.\n \n \n \n Strategic expansion into wealth management with a proven, well-established platform\n \n \n \n \n Andrew Moor\n \n , President and CEO of EQB said: \"Organically and through accretive acquisitio...