Skadden And Latham Advised Mubadala On $8.7 Billion Acquisition Of CI Financial

Skadden and Latham Advised Mubadala on $8.7 Billion Acquisition of CI Financial

Mubadala Capital, the asset management arm of Abu Dhabi’s state investment fund, acquired Canadian asset manager CI Financial in an all-cash transaction valued at $8.7 billion. This deal marked Mubadala’s largest acquisition to date and signalled its increasing investment activity in North America.

Skadden Arps Slate Meagher & Flom advised CI on the deal, with support from Canadian firm Stikeman Elliott. Latham & Watkins represented Mubadala alongside Blake Cassels & Graydon. Additionally, Toronto-based Wildeboer Dellelce advised the special committee of CI's board of directors.

The acquisition gave CI an equity value of C$4.7 billion ($3.36 billion) and an enterprise value of C$12.1 billion ($8.66 billion), including debt. CI, which had a significant presence in the U.S. wealth management market, viewed the deal as a catalyst for expanding its U.S. operations. Following the announcement, CI's shares rose by about 30%, reflecting a 33% premium over its previous closing price.

The Skadden team representing CI was led by M&A Partners June Dipchand and Patrick Lewis, along with capital markets Partner Ryan Dzierniejko, all based in New York, and Cross-Border M&A Counsel John Zelenbaba, based in Toronto. Stikeman Elliott’s Corporate Partners John Laffin and John Ciardullo also advised CI. Latham’s team acting for Mubadala included Chicago-based Corporate Partners Jonny Solomon and Matthew Wynne, Dubai-based Chris Lester, tax specialist Alan Kimball, Employment And Benefits Partners Benjamin Rosemergy and Nineveh Alkhas, and Regulatory Partner Jamie Lynn Walter, based in Washington, D.C. Wildeboer Dellelce advised the special committee of CI’s board, with a team led by corporate finance and M&A Partners Perry Dellelce, Rob Wortzman, and James Brown, all based in Toronto.

The transaction was unanimously approved by CI's board and its special committee and was expected to close in the second quarter of 2025, pending shareholder and regulatory approvals. Following the closure, CI was set to continue operating with its current structure and management team, remaining independent from Mubadala’s other portfolio businesses.