Toronto-based Canaccord Genuity Group Inc. has signed a deal to buy Hargreave Hale Ltd., an investment and wealth management business in the United Kingdom.
Under the agreement, Canaccord will play Hargreave Hale shareholders $87.9 million plus an additional $46.5 million that is contingent on meeting certain performance targets.
The deal helps grow Canaccord’s business in the U.K.and Europe.
Hargreave Hale has $13.5 billion in assets under administration, management and management contract.
Canaccord said senior management at Hargreave Hale are expected to hold key leadership roles and will be responsible for helping grow the investment and wealth management business.
The deal is subject to approval by Hargreave Hale shareholders as well as other regulatory approvals and customary closing conditions.