(April 18 – 13:15 ET) – Investors Group Inc. has successfully acquired over 98% of the outstanding common shares of Mackenzie Financial Corp. In payment for the Mackenzie shares, Investors Group will issue approximately 38 million common shares of Investors Group Inc. and pay about $3.1 billion cash.

The deal makes Investors Group and Mackenzie the dominant force in managed assets in Canada, with over $85 billion in assets under administration and over 2 million clients. Investors Group now has access to 43,500 financial consultants and advisors across the country, including 3,500 Investors Group consultants and 3,450 advisors with Great-West Life and London Life.

“We are very pleased by the overwhelming support of the shareholders of Mackenzie Financial Corp. in making this acquisition become a reality,” said Sanford Riley, president and CEO of Investors Group. “Working together, Investors Group and Mackenzie will create, by far, the largest scope and economies of scale of any of our competitors. This will enable each of us to offer unrivalled financial advice and services, industry-leading wealth and investment management capabilities and innovative products to our respective distribution networks.”

“We supported the Investors Group offer because we are enthused about the broad new product opportunities the Power Financial Group can bring to independent advisors,” said Jim Hunter, president and CEO of Mackenzie. “We will gain substantial advantages from our affiliation with both Investors Group and the Power Financial Corporation group of companies that will enable us to expand our products and financial services capability to meet the broadening needs of independent financial advisors and the clients they serve,” Hunter added.

Riley and Hunter emphasized that Investors Group and Mackenzie will continue to remain separate and distinct in their distribution, their investment management operations and their brands. The organizations will work together in areas such as corporate operations and infrastructure. More detailed plans will be announced in the coming weeks, but Mackenzie will maintain its own management team and operations in Toronto.

“Mackenzie is a great organization with great people,” said Robert Gratton, president and CEO of Power Financial Corp. and chairman of Investors Group. “As a result of this acquisition we will enhance our ability to offer leading personal financial services through the Power Financial Corporation group of companies, including Investors Group, Mackenzie, Great-West Life and London Life.”