(RTTNews) - IGM Financial Inc. (IGM.TO) said that its subsidiary Mackenzie Financial agreed to acquire Power Corporation of Canada's (POW.TO) or "PCC" 13.9% interest in China Asset Management Co., Ltd. or "ChinaAMC" for C$1.15 billion in cash. The transaction will double Mackenzie's interest in ChinaAMC to 27.8%.
To partially fund the transaction, IGM will sell 15.20 million common shares of Great-West Lifeco to PCC for cash consideration of C$575 million.
The transactions are expected to close in the first half of 2022.
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