Sun Life to Buy Majority Stake in InfraRed Capital Partners
18 December 2019 - 10:54PM
Dow Jones News
By Colin Kellaher
Sun Life Financial Inc. (SLF.T, SLF) Wednesday said it agreed to
buy an 80% stake in InfraRed Capital Partners, a London-based
investment manager focused on infrastructure and real estate, for
300 million pounds ($393 million).
The Toronto financial-services company said InfraRed, which
advises institutional and pooled fund clients on about $12 billion
in assets under management, will become part of SLC Management, Sun
Life's alternatives asset-management business.
Sun Life said it also committed to co-invest $400 million,
including general account investments, to support the launch of new
InfraRed investment solutions.
Sun Life said it expects to complete the transaction during the
first half of 2020, adding that InfraRed's owners will have a put
option to sell their remaining interest to Sun Life about four
years after closing, while Sun Life will have the option to call
any remaining stake about five years from closing.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 18, 2019 06:39 ET (11:39 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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