Sun Life to Buy Majority Stake in InfraRed Capital Partners

By Colin Kellaher

Sun Life Financial Inc. (SLF.T, SLF) Wednesday said it agreed to buy an 80% stake in InfraRed Capital Partners, a London-based investment manager focused on infrastructure and real estate, for 300 million pounds ($393 million).

The Toronto financial-services company said InfraRed, which advises institutional and pooled fund clients on about $12 billion in assets under management, will become part of SLC Management, Sun Life's alternatives asset-management business.

Sun Life said it also committed to co-invest $400 million, including general account investments, to support the launch of new InfraRed investment solutions.

Sun Life said it expects to complete the transaction during the first half of 2020, adding that InfraRed's owners will have a put option to sell their remaining interest to Sun Life about four years after closing, while Sun Life will have the option to call any remaining stake about five years from closing.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

December 18, 2019 06:39 ET (11:39 GMT)

Sun Life Financial (TSX:SLF)
Historical Stock Chart
From Mar 2024 to Apr 2024