Fiera Sceptre, a Montreal-based money manager, agreed to buy Natcan Investment Management from National Bank of Canada for C$309.5 million ($308.4 million) in cash and stock to increase assets under management.
Fiera will pay C$235 million when the deal is completed and another C$74.5 million “over time,” the company said Monday in a statement. National Bank will hold a 35% stake in the unit.
Fiera said the purchase from Canada’s sixth-largest bank will bring its assets to about C$54 billion and make it one of the five largest independent money managers in Canada. National Bank said the transaction will be “neutral” to its earnings.