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    GWO   CA39138C1068

GREAT-WEST LIFECO INC.

(GWO)
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Delayed Toronto Stock Exchange  -  05/24 02:55:24 pm EDT
33.94 CAD   +1.31%
05/06Scotiabank Reviews Great West Lifeco's Q1 Maintains Sector Perform, $38 TP; Tweaks Estimates
MT
05/05Great-West Lifeco announces election of Directors
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05/05TRANSCRIPT : Great-West Lifeco Inc., Q1 2022 Earnings Call, May 05, 2022
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IGM Financial unit to double stake in ChinaAMC for $901 million

01/05/2022 | 10:46pm EDT

(Reuters) - Canadian asset management firm IGM Financial Inc said on Wednesday its subsidiary Mackenzie Financial Corp will acquire a 13.9% stake in China Asset Management Co in a C$1.15 billion ($900.55 million) cash deal.

Mackenzie, which will buy the stake from Power Corporation of Canada (PCC), will see its interest in ChinaAMC double to 27.8% following the deal, IGM said. ChinaAMC is a unit of PCC.

IGM -- a subsidiary of PCC's unit Power Financial -- said it will sell 15.2 million shares in Great-West Lifeco Inc to PCC for a cash consideration of C$575 million, to partially fund the transaction. It will pay the balance C$575 million cash by tapping into its existing financial resources.

"We believe that an expanded investment in China Asset Management is strategically important to position IGM Financial for further growth," its President and CEO James O'Sullivan said.

IGM currently holds 37.3 million shares or 4% of the outstanding Lifeco shares, according to its statement.

The transactions are expected to close in the first half of 2022.

($1 = 1.2770 Canadian dollars)

(Reporting by Sabahatjahan Contractor and Anirudh Saligrama in Bengaluru; Editing by Rashmi Aich and Uttaresh.V)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BELIEVE -2.92% 9.295 Real-time Quote.-43.34%
GREAT-WEST LIFECO INC. 1.31% 33.94 Delayed Quote.-11.75%
IGM FINANCIAL INC. -0.14% 36.66 Delayed Quote.-19.53%
POWER CORPORATION OF CANADA 1.83% 35.61 Delayed Quote.-16.34%
POWER FINANCIAL GROUP LIMITED 1.30% 0.156 Delayed Quote.-9.94%
All news about GREAT-WEST LIFECO INC.
05/06Scotiabank Reviews Great West Lifeco's Q1 Maintains Sector Perform, $38 TP; Tweaks Est..
MT
05/05Great-West Lifeco announces election of Directors
AQ
05/05TRANSCRIPT : Great-West Lifeco Inc., Q1 2022 Earnings Call, May 05, 2022
CI
05/05TRANSCRIPT : Great-West Lifeco Inc., The Canada Life Assurance Company - Shareholder/Analy..
CI
05/05Scotiabank on Great-West Lifeco Q1; Says 'Modest' EPS Beat Helped by Strength in Europe
MT
05/04Great-West Lifeco reports first quarter 2022 results
AQ
05/04Great-West Lifeco Inc. Reports Earnings Results for the First Quarter Ended March 31, 2..
CI
05/02Canadian Lifecos Unlikely to Get Turnaround From Q1 Results, Scotiabank Says
MT
05/02GREAT WEST LIFECO : David Simmonds, Lifeco's Chief Communications and Sustainability Offic..
PU
04/25Great-West Lifeco to hold annual meeting of shareholders and release first quarter 2022..
AQ
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Analyst Recommendations on GREAT-WEST LIFECO INC.
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Financials
Sales 2022 222 B 173 B 173 B
Net income 2022 3 235 M 2 533 M 2 533 M
Net Debt 2022 - - -
P/E ratio 2022 9,54x
Yield 2022 5,87%
Capitalization 31 214 M 24 436 M 24 436 M
Capi. / Sales 2022 0,14x
Capi. / Sales 2023 0,13x
Nbr of Employees 28 000
Free-Float 26,3%
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Technical analysis trends GREAT-WEST LIFECO INC.
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Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 10
Last Close Price 33,50 CAD
Average target price 38,90 CAD
Spread / Average Target 16,1%
EPS Revisions
Managers and Directors
Paul Anthony Mahon Co-President, Chief Executive Officer & Director
Jeffrey F. Macoun Co-President & Chief Operating Officer
Garry MacNicholas Chief Financial Officer & Executive Vice President
Robert Jeffrey Orr Chairman
Steven Michael Rullo Global Chief Information Officer & Executive VP
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