Sun Life is selling its stake in CI Financial to Scotiabank for $2.3 billion in cash.

“Unlocking CI’s value now provides Sun Life with enhanced firepower to aggressively pursue our growth objectives,” says Sun Life’s chief executive officer, Donald Stewart.

Following the completion of the purchase of the 37% interest from Sun Life, Scotiabank will have a 37.6% stake in CI.

The transaction is expected to close in approximately 45 days, following the required notifications and regulatory approvals.

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