Fiera Capital Corporation and National Bank of Canada have closed their . Under the deal, Fiera will acquire substantially all of the assets of Natcan Investment Management Inc. from National Bank for $309.5 million, subject to reduction.
In return, National Bank, through Natcan, will receive 19.7 million Class A subordinate voting shares of the share capital of Fiera, as well as a cash payment of $85.5 million.
The Natcan operations will be fully integrated into Fiera’s existing business immediately.
As of today, the number of directors on the board of Fiera will increase to 12 (from nine), including two reserved seats for National Bank. Louis Vachon, president and CEO of National Bank, and Luc Paiement, executive vice-president of wealth management with National Bank, will fill those positions.
Fiera Capital Corp. is the new name of Fiera Sceptre, as approved by the shareholders at Fiera’s annual meeting held last week.