Montreal-based Fiera Capital Corp. announced on Friday that its acquisition of New York-based fixed-income investment management firm Samson Capital Advisors LLC has been completed, adding US$7.2 billion in assets under management to Fiera.
The aggregate consideration paid at the transaction’s closing amounted to approximately US$31.5 million and is subject to various post-closing adjustments. This breaks down to US$19.2 million in cash and US$9.15 million in Class A subordinate voting shares to the sellers. The sellers will also receive an additional US$3.15 million in Class A subordinate voting shares, which will occur in approximately 18 months.
An additional consideration of up to US$17 million, including an earnout of US$4.2 million as well as incentives designed for key employee retention will be paid over a period of up to five years on the achievement of agreed-upon financial targets, according to Fiera’s announcement.
Fiera drew approximately US$19.2 million under its revolving facility to finance the transaction.
The acquisition was initially announced in February.