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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Sun Life Financial Inc.    SLF   CA8667961053

SUN LIFE FINANCIAL INC.

(SLF)
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Sun Life Financial : to Buy Majority Stake in Crescent Capital Group

10/21/2020 | 08:12pm EST

By Kimberly Chin

Sun Life Financial Inc. plans to acquire a majority stake in investment manager Crescent Capital Group LP for roughly $338 million, a move that will help expand the financial service company's alternative credit offerings.

Sun Life said it will acquire a 51% interest in Crescent. It will make an upfront payment of $276 million and plans to pay up to $62 million if certain milestones are met.

Crescent will form a part of Sun Life's alternatives asset management business, SLC Management, the company said.

Crescent's equity holders will still have carried interests in existing funds as well as certain assets, Sun Life said. The deal also has a put or call option that will allow for the transfer of remaining interests in about five years from the transaction's closing, the company said.

Sun Life has co-invested up to $750 million in Crescent's investment strategies and new product launches, the company said.

The investment manager will continue to operate independently under its current leadership.

The Los Angeles-based Crescent, which was founded in 1991, invests in mezzanine debt, U.S. and European middle market direct lending, high yield bonds and syndicated loans. It has about $28 billion in assets under management as of June 30, according to its website.

The deal is expected to close later this year.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

10-21-20 2011ET

Stocks mentioned in the article
ChangeLast1st jan.
CRESCENT NV -1.17% 0.0339 Delayed Quote.23.83%
SUN LIFE FINANCIAL INC. 0.28% 57.25 Delayed Quote.-3.31%
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Financials
Sales 2020 38 113 M 29 442 M 29 442 M
Net income 2020 2 506 M 1 936 M 1 936 M
Net Debt 2020 - - -
P/E ratio 2020 13,5x
Yield 2020 3,91%
Capitalization 33 391 M 25 809 M 25 795 M
Capi. / Sales 2020 0,88x
Capi. / Sales 2021 0,92x
Nbr of Employees 22 719
Free-Float 86,3%
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Technical analysis trends SUN LIFE FINANCIAL INC.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 61,86 CAD
Last Close Price 57,25 CAD
Spread / Highest target 18,8%
Spread / Average Target 8,05%
Spread / Lowest Target -0,44%
EPS Revisions
Managers
NameTitle
Dean A. Connor President & Chief Executive Officer & Director
William D. Anderson Chairman
Kevin D. Strain Chief Financial Officer & Executive Vice President
Stevan Lewis Chief Technology Officer & Senior Vice President
Laura Money Chief Information Officer & EVP
Sector and Competitors
1st jan.Capitalization (M$)
SUN LIFE FINANCIAL INC.-3.31%25 809
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METLIFE, INC.-6.40%42 937
PRUDENTIAL PLC-15.22%42 599
MANULIFE FINANCIAL CORPORATION-15.74%33 301
AFLAC INCORPORATED-14.35%31 828