(January 31 – 12:15 ET) – Clarica has completed the acquisition of the Canadian Group Retirement Services business of the Royal Trust Co. and Royal Trust Corp. of Canada, wholly owned subsidiaries of Royal Bank of Canada, effective today.

The final purchase price was $48.9 million, which includes the $45.4 million disclosed in December, plus an adjustment of $3.5 million primarily for accounts receivable.

The transaction, which was announced in December 2000, involves defined contribution pension plans sold on a group basis. Also included were group retirement savings and profit sharing plans, as well as stock purchase and option plans.

The deal makes Clarica one of the leading administrators of this business in Canada with total assets under administration of $8.6 billion. The company expects the acquisition to be fully integrated into Clarica’s operations by the end of this year.
-IE Staff