B2B Trust has finalized the transaction to acquire 100% of M.R.S. Trust Company and M.R.S. Inc. from Mackenzie Financial Corp., the company said Wednesday.
The acquisition price at closing is $199 million, based on a book value of shareholders’ equity of $149 million and a premium of $50 million.
With the acquisition of MRS companies, B2B Trust, a subsidiary of Laurentian Bank (TSX: LB), is now positioned as a major provider of products and services dedicated to the Canadian financial advisor community.
With $6 billion of loans, $10 billion in deposits and $25 billion of assets under administration, B2B Trust now serves some 22,000 financial advisors across Canada.
Advisors and their clients will be informed of the different stages of the integration process over the coming months.