Industrial Alliance to buy Jovian

Industrial Alliance has signed a deal to acquire Jovian Capital for $94 million.

The offer of $10.23 a share for Jovian is a 45% premium to Tuesday’s closing price.

“This is a strategic and additive acquisition that complements our well-established wealth management platform,” says Yvon Charest, president and CEO of Industrial Alliance. “It provides us with immediate scale in the fast-growing private client management segment, as well as significant incremental IIROC distribution across Canada.”

Jovian holds interests in a portfolio of financial services companies, including Leon Frazer & Associates, T.E. Investment Counsel, Hahn Investment Stewards & Company, JovFinancial Solutions and IIROC dealer MGI Securities. Jovian has combined assets under management and administration of almost $7 billion.

The transaction, which is subject to customary closing conditions, is expected to be completed in early October.