Source: The Canadian Press

Aston Hill Financial Inc. announced on Monday an agreement to acquire Toronto-based Navina Asset Management Inc. for a base consideration of $4.2 million.

Aston Hill, with offices in Calgary and Toronto, said it will become a fully licensed portfolio manager able to create and manage a wider range of financial products as a result of the transaction.

Navina is an asset management firm specializing in mutual and hedge funds.

Aston Hill said the deal is subject to potential additional earn-outs of up to $1.8 million, if certain conditions are met.

The purchase price will be met through a combination of cash and common shares of Aston Hill, it said.