Industrial Alliance Announces Closing of Common Share Private Placement
Industrial Alliance Insurance and Financial Services Inc. ("Industrial Alliance" or "the Company") announces the closing of its previously announced private placement with the Caisse de dépôt et placement du Québec for the purchase of 6,000,000 common shares ("common shares") of Industrial Alliance at a price of $33.31 per common share, for gross proceeds of $199.9 million. The net proceeds, after financing fees of 3.75%, represent $192.4 million.
The proceeds of the private placement will be added to the Company’s capital and used for general corporate purposes.
About Industrial Alliance
Founded in 1892, Industrial Alliance Insurance and Financial Services Inc. is a life and health insurance company with operations in all regions of Canada as well as in the United States. The Company offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgage loans and other financial products and services for both individuals and groups. The fourth largest life and health insurance company in Canada, Industrial Alliance contributes to the financial security of over three million Canadians, employs more than 3,900 people and manages and administers more than $70 billion in assets. Industrial Alliance stock is listed on the Toronto Stock Exchange under the ticker symbol IAG.
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