RF Capital Group Inc. says it’s received regulatory approvals for its acquisition by iA Financial Corp. and the deal should be completed on or around Oct. 31.
The company, which operates as Richardson Wealth, received a $597-million all-cash offer in July. RF Capital shareholders voted in favour of the deal last month.
In a release Monday, it said the Canadian Investment Regulatory Organization, the Autorité des marchés financiers and the Ontario Securities Commission had all given their blessing to the transaction.
The deal will add 189 advisors and more than $40 billion in assets under administration (AUA) to iA, bringing iA Wealth’s network to 2,769 advisors and about $175 billion in AUA.
In an interview in July with Investment Executive, Stephan Bourbonnais, executive vice-president of wealth management at iA, said the firm intends to keep the Richardson Wealth, Investia and iA Wealth channels distinct. While he said each brand will have its own president, CEO, chief operating officer and chief financial officer, iA has also confirmed the Richardson brand will be retired 30 months after the acquisition closes.