CANADA’S Sun Life Financial 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 CA$1.59 billion ($1.14 billion) for the remaining 44-percent interest stake in real estate investment management advisor BGO and CA$829 million for the remaining 49-percent 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-percent stake in the combined company. The insurer took a 51-percent stake in Crescent for CA$450 million in 2021.
The transactions will result in a roughly CA$236-million charge to Sun Life’s first-quarter reported net income, the company said.