Business
Power Corporation Group of Companies Combines Interest in China Asset Management Co., Ltd. under IGM Financial
Power Corporation Group of Companies Combines Interest in China Asset Management Co., Ltd. under ...
About this update from Power Corporation Of Canada
[{"type":"text","content":"\n \n \n \n Power Corporation Group of Companies Combines Interest in China Asset Management Co., Ltd. under IGM Financial\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 Readers are referred to the section \"Forward-Looking Statements\" at the end of this release. All figures are expressed in Canadian dollars.\n \n \n \n MONTRÉAL\n \n ,\n \n \n Jan. 12, 2023\n \n \n /CNW Telbec/ - Power Corporation of\n \n Canada\n \n (Power Corporation or Power) (TSX: POW) today announced that it has closed the previously announced transaction in which Power sold its 13.9% ownership stake in\n \n China\n \n Asset Management Co., Ltd. (ChinaAMC) to Mackenzie Financial Corporation, a wholly owned subsidiary of IGM Financial Inc. (IGM or IGM Financial) (TSX: IGM), for aggregate consideration of\n \n $1\n \n .15 billion in cash. IGM's equity ownership in ChinaAMC is now 27.8%. Power shareholders will continue to participate in ChinaAMC through Power's 64.9% economic interest in IGM.\n \n \n In a separate transaction, IGM sold 15,200,662 Great-West Lifeco Inc. (Great-West Lifeco) (TSX: GWO) common shares to a subsidiary of Power Financial Corporation (Power Financial) for aggregate consideration of approximately\n \n $552\n \n .7 million, being a base purchase price of\n \n $575 million\n \n , less quarterly dividends received by IGM with respect to the Great-West Lifeco common shares declared after\n \n March 31, 2022\n \n totalling\n \n $22.3 million\n \n \n [1]\n \n . Following the acquisition of these additional Great-West Lifeco common shares, Power Financial beneficially owns an aggregate of 635,450,694 Great-West Lifeco common shares, excluding those which remain beneficially owned by IGM, representing 68.2% of the issued and outstanding Great-West Lifeco common shares.\n \n \n \"We look forward to continued participation in ChinaAMC through our ownership of IGM,\" said R.\n \n Jeffrey Orr\n \n , President and Chief Executive Officer of Power Corporation. \"We also believe this is an attractiv...