Desjardins Group agreed to acquire IDC Worldsource Insurance Network Inc. from Guardian Capital Group Limited (TSX:GCG.A) and others on November 30, 2022. Following the closing of the transaction Desjardins plans to operate the acquired company as stand-alone entity. In related transactions, Desjardins Group will acquire Worldsource Financial Management Inc. and Worldsource Securities Inc. from Guardian Capital Group Limited, the purchase price under the Purchase Agreements is $750 million, subject to customary purchase price adjustments.

IDC Worldsource Insurance Network Inc. will continue being led by the current teams of management and employees. The deal is subject to customary closing conditions, including regulatory approvals. The transaction is expected to close in the first quarter of 2023.

BMO Capital Markets is acting as financial advisor to Guardian and provided a fairness opinion to its board of directors. KPMG LLP are acting as legal and tax advisors, respectively, to Guardian. Desjardins Capital Markets is acting as financial advisor and Stikeman Elliott LLP is acting as legal advisor to Desjardins.

Julie Mansi, Carlos Cerquiera, Andrew McLean, Sean Muggah, Steve Suarez, Robert Weir, James Fu, Donna Spagnolo, Denes Rothschild, and Tamila Ivanov of Borden Ladner Gervais LLP acted as legal advisor to Guardian Capital Group Limited (TSX:GCG.A).