04:46:17 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



NexGen Financial Corp
Symbol NFX
Shares Issued 4,686,244
Close 2014-12-19 C$ 7.20
Market Cap C$ 33,740,957
Recent Sedar Documents

NexGen Financial completes acquisition by Natixis

2014-12-22 17:28 ET - News Release

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.

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