TORONTO — Sun Life Financial Inc. has signed a deal to acquire a majority stake in Crescent Capital Group LP in an agreement worth up to $450 million.
Under the deal, Sun Life will acquire a 51 per cent stake in the alternative credit investment manager for an upfront payment of $370 million and up to an additional $80 million, based on the achievement of certain milestones.
Sun Life also says it has committed to co-invest up to approximately $1 billion in Crescent's investment strategies.
Crescent is focused on mezzanine debt, middle market direct lending in the U.S. and Europe, high-yield bonds and broadly syndicated loans.
The firm, which is based in Los Angeles, had approximately $38 billion in assets under management as of June 30.
It is expected to continue operating independently under its current leadership.
This report by The Canadian Press was first published Oct. 22, 2020.
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