Industrial Alliance Completes Acquisition of Jovian Capital Corporation
Industrial Alliance Insurance and Financial Services Inc. ("Industrial Alliance") and Jovian Capital Corporation ("Jovian") today announced the completion of the acquisition through a plan of arrangement of all the outstanding common shares ("Jovian Shares") of Jovian at $10.23 per share, for the aggregate consideration of approximately $79 million in cash and the issuance of 295,253 common shares of Industrial Alliance.
Jovian serves the private wealth management market segment through a portfolio of financial services companies that include Leon Frazer & Associates Inc., T.E. Investment Counsel Inc., Hahn Investment Stewards & Company Inc., JovFinancial Solutions Inc. and IIROC dealer MGI Securities Inc. As of September 30, 2013, Jovian managed and administered assets of almost $7 billion on behalf of its clients.
It is expected that the Jovian Shares will be delisted from the TSX later this week. In addition, Jovian intends to apply to the relevant securities regulatory authorities to cease to be a reporting issuer in each of the jurisdictions in Canada where it is currently reporting.
This press release may contain statements relating to strategies used by Industrial Alliance or statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "may", "will", "could", "should", "would", "suspect", "expect", "anticipate", "intend", "plan", "believe", "estimate", and "continue" (or the negative thereof), as well as words such as "objective" or "goal" or other similar words or expressions. Such statements constitute forward looking statements within the meaning of securities laws. Forward looking statements include, but are not limited to, information concerning the delisting of the Jovian Shares and cessation of Jovian’s reporting issuer status.
Although Industrial Alliance believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements.
The forward-looking statements in this news release reflect the Industrial Alliance’s expectations as of the date of this press release. Industrial Alliance does not undertake to update or release any revisions to these forward looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law.
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. Industrial Alliance 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 and employs 4,300 people. With the completion of the acquisition of Jovian Capital Corporation, Industrial Alliance now has assets under management and administration of more than $94 billion. Industrial Alliance stock is listed on the Toronto Stock Exchange under the ticker symbol IAG.
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