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Wednesday, June 12, 2002|
National Bank Acquires Altamira
National Bank of Canada has acquired the mutual fund manager and distributor Altamira. The acquisition of Altamira will expand the National Bank's presence outside Quebec in the area of wealth management and double its mutual funds under management to $10.4 billion. The purchase price will be between C$277.1 million and C$314.1 million for all classes of shares based on assets under management at closing. In addition, the Bank will assume Altamira's debt of C$195.9 million.
The transaction is expected to close around August 12, 2002 provided all closing conditions are met, including approval from regulatory authorities.
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