Calgary-based Canoe Financial LP’s proposed acquisition of Montreal-based O’Leary Funds Management LP’s investment assets is one step closer to completion now that the move has received regulatory and unitholder approval to proceed.
The transaction is expected to be completed on or around Feb. 16 and is subject to the satisfaction of other closing conditions, which were not detailed in the announcement O’Leary Funds Management released on Tuesday.
Canoe will become the portfolio manager of the O’Leary funds once the deal closes and will retain Montreal-based Stanton Asset Management Inc., the current portfolio advisor of the O’Leary Funds, as subadvisor of certain O’Leary Funds. Canoe may also retain other third-party subadvisors.
The completion of the transaction will see some changes made to the names, investment objectives and investment strategies of certain O’Leary funds. Canoe also intends to merge certain O’Leary Funds into mutual funds managed by Canoe within a certain time period after closing.
This is not the first collaboration between the chairmen of the two firms. Kevin O’Leary, chairman of O’Leary Funds Management, and Brett Wilson, chairman of Canoe, are known for their past work on the Canadian reality television show Dragons’ Den.
The deal between the two firms was originally announced in October 2015.