Mr. Abe Goenka reports
NATIXIS GLOBAL ASSET MANAGEMENT CLOSES NEXGEN FINANCIAL ACQUISITION
NexGen Financial Corp. and a wholly owned
subsidiary of Natixis Global Asset Management LP, 2438801
Ontario Inc., have completed a previously announced statutory plan of
arrangement pursuant to which Natixis has indirectly acquired all of the
outstanding common shares of NexGen for consideration consisting of
$7.25 cash per common share for an enterprise value of approximately
$35-million.
"Canada is an outstanding market for asset managers," said John Hailer,
chief executive officer of Natixis in the Americas and Asia. "NexGen
does business with more than 1,600 financial advisers and more than 100
dealers throughout Canada, and we look forward to building on this
strong foundation -- bringing sophisticated, customized solutions to
investors seeking to achieve their goals through durable portfolio
construction."
The arrangement was approved by shareholders of NexGen at a special
meeting held on Dec. 17, 2014. The Ontario Superior Court issued a
final order approving the arrangement on Dec. 18, 2014. NexGen's
shares, which are subject to a trading halt, are expected to cease
trading and be delisted from the TSX Venture Exchange on Dec. 22,
2014. Applications will be made for NexGen to cease to be a reporting
issuer in the applicable jurisdictions.
NexGen is recognized for offering tax-efficient wealth management
strategies. Its patent-pending proprietary mutual fund structure is
designed to achieve a number of tax planning objectives that are not
publicly offered by any other Canadian mutual fund company. The
acquisition will expand NexGen's existing mutual fund platform and bring
an even greater selection of products for a well-diversified portfolio
to Canadian investors.
"We are pleased that the transaction is complete, and we are eager to
begin working as a part of the Natixis team," said Abe Goenka, NexGen
co-chief executive officer. "This is a great opportunity to work with some of the most
respected asset managers in the world to provide even better results for
our current clients and increase our capabilities in an extremely
competitive marketplace."
The arrangement constitutes a change of control of NexGen Financial
LP, the manager of the NexGen mutual funds, effective
today. A notice to investors was sent to each securityholder of the
NexGen mutual funds on Nov. 19, 2014, and securities regulatory
approval was obtained on Dec. 12, 2014.
In keeping with the Natixis multiaffiliate business model, NexGen will
operate autonomously with the existing senior management team. There are
no immediate plans to make staffing changes or changes to the NexGen
business model.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.