Canaccord Genuity Group sells UK wealth management business to Centerbridge and Mubadala
CF•Canaccord Genuity Group agreed to sell its UK and Crown Dependencies wealth management business to Centerbridge Partners and Mubadala Investment Company. The transaction values the business at approximately £1.17 billion, and Canaccord expects proceeds of approximately £564 million.
1. Sale terms
Canaccord Genuity Group announced the sale of its wealth management business in the UK and Crown Dependencies to Centerbridge Partners and Mubadala Investment Company. The transaction values CGWM UK at an enterprise value of approximately £1.17 billion, with Canaccord expecting proceeds of approximately £564 million.
2. Management and brand
CGWM UK management and employees will retain ownership, and the brand will be licensed for two years.
