TORONTO — EQB Inc. has signed a deal to acquire a 75 per cent stake in independent alternative asset manager ACM Advisors Ltd.
Financial terms of the cash-and-share agreement were not immediately available.
Based in Vancouver, ACM specializes in pooled Canadian commercial mortgage funds.
It had $4.8 billion in assets under management as of Sept. 30.
The deal will see ACM operate as an independent subsidiary of EQB, separate from Equitable Bank, EQB's wholly owned subsidiary.
EQB expects to close the deal before the end of 2023, subject to customary closing conditions and regulatory approvals.
This report by The Canadian Press was first published Oct. 3, 2023.
Companies in this story: (TSX:EQB)
The Canadian Press