Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Companies

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors

Sun Life to acquire majority stake in Crescent Capital Group

10/21/2020 | 09:04pm EST

(Reuters) - Canadian insurer Sun Life Financial Inc will buy a majority stake in alternative credit investment manager Crescent Capital Group LP for up to $338 million, the companies said on Wednesday.

Sun Life will acquire a 51% interest in Crescent with an upfront payment of $276 million and a future payment of $62 million based on achievement of certain milestones, the companies said.

Crescent, which had about $28 billion in assets under management at the end of June, will be a part of Sun Life's asset management unit SLC Management.

Crescent will continue to operate independently under its current leadership, the statement said, adding that Sun Life has committed to co-invest up to $750 million in Crescent's investment strategies.

Reuters had reported in January Sun Life's asset management unit was eyeing its first middle-market private-debt acquisition as it expanded into the higher-yielding investments.

(Reporting by Sabahatjahan Contractor in Bengaluru; Editing by Uttaresh.V)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CRESCENT CAPITAL BDC, INC. -0.15% 13.69 Delayed Quote.0.00%
CRESCENT NV -0.28% 0.0355 Delayed Quote.28.16%
SUN LIFE FINANCIAL INC. 0.85% 59.18 Delayed Quote.-0.05%
Latest news "Companies"
05:31pZIOPHARM ONCOLOGY : WaterMill Asset Management Refutes Ziopharm Oncology's Desperate, Low-Road Smear Campaign
04:39pVF : Prepared to Pivot | Digital Tech Team's Strategy for Online Demand Sees Spike in Sales
04:00pROSEN, RESPECTED INVESTOR COUNSEL, Reminds Aurora Cannabis Inc. Investors of Important December 1 Deadline in Securities Class Action; Encourages Investors with Losses in Excess of $100K to Contact Firm – ACB
03:04pBrexit negotiations restart in person as clock ticks down
03:03pAMAZON COM : Tony Hsieh, retired Zappos CEO, dies at 46 after house fire
02:56pBLACK FRIDAY & CYBER MONDAY MATTRESS DEALS 2020 : Twin, Queen & King Size Mattress Sales Published by Deal Tomato
02:49pCanada blocks bulk exports of some prescription drugs in response to Trump import plan
02:44pALIBABA : House to Vote on Booting Chinese Stocks From U.S. Over Audit Rules -- 2nd Update
02:28pJUVENTUS FOOTBALL CLUB : Inter wins 3-0 at Sassuolo to end hosts' unbeaten start
02:01pMESOBLAST : ROSEN, RESPECTED INVESTOR COUNSEL, Reminds Mesoblast Limited Investors of Important December 7 Deadline in Securities Class Action; Encourages Investors with Losses in Excess of $100K to Contact Firm - MESO
Latest news "Companies"