Morneau Sobeco has signed a deal to acquire certain assets, liabilities and contracts of the defined benefit pension administration and actuarial consulting practices of Cowan Benefits Consulting Limited for about $6 million.
“This transaction is an excellent opportunity to acquire a strong and well-known practice in the Waterloo region, to grow our client base in Southwestern Ontario, and to expand our geographic breadth in the province,” says Bill Morneau, the company’s president and CEO.
Cowan’s defined benefit pension administration and actuarial consulting practices are located in the Kitchener-Waterloo region. All 34 current employees from these practices will be offered employment with Morneau Sobeco.
The agreement is expected to close on June 1, 2007.
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