Business
Power Corporation Group of Companies Consolidates Interest in China Asset Management Co., Ltd. Under IGM Financial
Power Corporation Group of Companies Consolidates Interest in China Asset Management Co.,...
About this update from Power Corporation Of Canada
[{"type":"text","content":"\n \n \n \n Power Corporation Group of Companies Consolidates 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 \n \n Power continues to simplify corporate structure\n \n \n \n \n \n \n Power Corporation sells its 13.9% interest in ChinaAMC to IGM Financial\n \n \n \n \n \n \n Transaction to be partially funded through sale by IGM of common shares of Great-West Lifeco to Power Corporation\n \n \n \n \n \n \n Further opportunity to support Power share buyback program\n \n \n \n \n \n \n \n MONTRÉAL,\n \n Jan. 5, 2022\n \n /CNW Telbec/ - Power Corporation of\n \n Canada\n \n (Power Corporation or Power) (TSX: POW) today announced that it has entered into an agreement under which the Power Corporation group of companies' current combined 27.8% equity ownership stake in\n \n China\n \n Asset Management Co., Ltd. (ChinaAMC) will be consolidated at IGM Financial Inc. (IGM) (TSX: IGM). Under the agreement, Power will sell its 13.9% ownership stake to Mackenzie Financial Corporation, a wholly owned subsidiary of IGM, for aggregate consideration of\n \n $1.15 billion\n \n in cash. Power shareholders will continue to participate in ChinaAMC through Power's 64.3% economic interest in IGM.\n \n \n To partially fund the transaction, IGM has agreed to sell 15,200,662 Great-West Lifeco Inc. (Great-West Lifeco) (TSX: GWO) common shares to a subsidiary of Power Financial Corporation (Power Financial or PFC), for aggregate consideration of $575 million, representing a price of\n \n $37\n \n .83 per share which is equivalent to the 5-day volume-weighted average price of the Great-West Lifeco common shares as at the close of business on\n \n January 5, 2022\n \n (the Great-West Lifeco Share Transfer).\n \n \n \"We continue to execute on our strategy to simplify and streamline Power and to deliver value for our sh...