Canada’s Sun Life Financial SLF.TO said on Monday it had completed an acquisition of the remaining stakes in BGO and Crescent Capital that it did not already own.
The insurer paid $1.59 billion (US$1.14 billion) for the remaining 44 per cent interest stake in real estate investment management advisor BGO and $829 million for the remaining 49 per cent stake in alternative credit investment manager Crescent.
Before the transaction, Sun Life owned a majority in both companies. It formed BGO in 2019 through the merger between Bentall Kennedy and GreenOak, holding a 56 per cent stake in the combined company. The insurer took a 51 per cent stake in Crescent for $450 million in 2021.
The transactions will result in a roughly $236 million charge to Sun Life’s first-quarter reported net income, the company said.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Anil D’Silva)
