TORONTO — Sun Life Financial Inc. says it has committed about $1.05 billion for a deal that will give it majority ownership of London-based InfraRed Capital Partners, a global investment manager with a focus on infrastructure.
Toronto-based Sun Life says it will pay the equivalent of $515 million (300 million pounds) to acquire 80 per cent of InfraRed’s equity.
The deal also has provisions for Sun Life to acquire the remaining equity of InfraRed within five years of closing, which is expected in the first half of 2020.
Sun Life says it has also committed to invest $530 million (US$400 million) to support the launch of new InfraRed investment solutions.
InfraRed has 175 partners and staff operating from offices in London, Hong Kong, New York, Sydney, Seoul and Mexico City.
Sun Life says InfraRed will broaden the capabilities of its SLC Management unit, which serves institutional investors.
This report by The Canadian Press was first published Dec. 18, 2019.
Companies in this story: (TSX:SLF)
The Canadian Press