Montreal-based Norbourg Financial Group Inc. says it has signed an agreement to acquire all the outstanding shares of three subsidiaries of Teraxis Capital Inc.: Teraxis Financial Services Inc., Tandem Financial Services Inc. and Toronto-based Info Financial Consulting Group Inc.

The deal, which is subject regulatory approval, is expected to close before the end of the first quarter of 2004. Terms of the agreement were not disclosed.

“Shortly over a month ago, we acquired Evolution Funds Inc., a major provider of Quebec-based mutual funds. This transaction has brought us to the forefront of the Quebec mutual fund industry, with 29 mutual funds under management. Following this transaction, it seemed strategically advantageous to continue our growth by integrating the Teraxis mutual fund network.” Says Vincent Lacroix, president of Norbourg.

He adds that to 400 fund reps will be joining Norbourg’s team in order to provide the Quebec population with professional financial and investment advice and promote savings by providing excellent retirement planning advice”.

Established in 1998, Norbourg is an integrated company offering mutual fund management and promotion, hedging operations and private wealth management, as well as a financial product distribution network. Following the Teraxis acquisition, Norbourg will boast close to 700 mutual fund representatives with overall assets under management of $2.4 billion.