TORONTO – CI Financial Corp. (“ CI ” or the “ Company ”) (TSX: CIX) and Mubadala Capital today announced the completion of the previously announced acquisition of CI, a leading diversified asset and wealth manager in North America, effective August 12, 2025. This $12.1 billion transaction is a significant milestone in Mubadala Capital’s growth ambitions, accelerating its expansion into private wealth management and establishing itself at the forefront of a rapidly evolving sector.

The Transaction was effected through a statutory plan of arrangement ( the "Agreement" ) under the Business Corporations Act (Ontario). Under the terms of the Plan, among other things, Mubadala Capital acquired all of the Company's issued and outstanding common shares (the " CI Shares ") for cash consideration of C$32.00 per share, excluding the Convertible Shares (as defined below). CI's equity in this Transaction was valued at approximately C$4.7 billion, reflecting an estimated total enterprise value of approximately C$12.1 billion.

With the completion of this transaction, Mubadala Capital now operates, advises, and manages, on behalf of clients and limited partners, combined assets of over USD 430 billion through its asset managers and strategic partners, including CI and its affiliates. This significant volume underscores Mubadala Capital's vision of creating a leading asset management platform that brings together high-quality institutional-grade alternative investments across multiple asset classes and geographies, including private equity, credit, special opportunities with a focus on Brazil, and other alternative investments, along with offering comprehensive wealth management services.

“This is an exciting new phase for CI. In Mubadala Capital, we have found the perfect partner – one that shares our ambitions and is committed to supporting the next phase of our journey,” said Kurt MacAlpine, CEO of CI. “Together, we are uniquely positioned to expand our capabilities, accelerate growth, and deliver greater value to the clients we serve.”

CI's headquarters will remain in Toronto, and the company will continue to operate independently within its current corporate structure, strategy, brand names, and management team, led by Mr. MacAlpine. The CEO is transferring all of his equity interest to the continuing company in partnership with Mubadala Capital, reflecting his commitment to their shared vision for CI's future.

With the transaction now closed, CI gains access to Mubadala Capital's global network and capital resources, enabling it to accelerate strategic initiatives and capitalize on new opportunities in the evolving asset and wealth management sector in North America and globally. In particular, this transaction enables CI to continue expanding its US subsidiary, Corient. The transaction also preserves Corient's unique private partnership model, which has been a key factor in its success.

“CI Financial is a fantastic company that aligns closely with Mubadala Capital’s long-term vision and strategy,” said Hani Barhoush, CEO and Managing Director of Mubadala Capital. “By combining CI’s wealth management expertise and long-standing client relationships with our alternative investment capabilities and global reach, we are building a differentiated platform focused on prudent capital management—helping clients grow, preserve, and manage wealth across generations, while driving innovation in the way wealth management services are delivered.”

This transaction builds on Mubadala Capital's deep expertise in building and scaling complex, multi-disciplinary businesses and positions the company to support CI's continued growth and innovation in client service.

Action required from CI shareholders

CI shareholders of record are reminded to submit a properly completed Letter of Conversion, along with, as applicable, the certificate(s) representing their common stock, to Computershare Investor Services Inc. (“ Computershare ”). Shareholders of record who have any questions or need assistance may contact Computershare toll-free at 1-800-564-6253 within North America, or at 1-514-982-7555 outside North America, or by email at corporateactions@computershare.com .

With the plan now complete, CI's common stock is expected to be delisted from the Toronto Stock Exchange (hereinafter referred to as the TSX ) shortly thereafter; however, CI will remain a reporting issuer in all provinces of Canada.

For further details regarding the Plan, please see CI's Management Information Memorandum dated January 7, 2025 (the " Information Memorandum "), a copy of which may be found under CI's profile on SEDAR+ at www.sedarplus.ca .

Board of Directors Changes

In connection with the completion of the plan, William Butt, Brigitte Chang, Paul J. Perrow, and Sarah Ward resigned from CI's board of directors and were replaced by Samuel Merksamer, Murat Konuk, and Glyn Barker. William Holland and Kurt MacAlpine will remain on CI's board after the completion of the plan.

Mr. Merksamer has been an Executive Director at Mubadala Capital since 2024. He was previously a Partner at One Investment Management from 2022 to 2024. Prior to that, he served as a Partner at SoftBank Investment Advisers and a Managing Director at SB Management, a SoftBank subsidiary, from 2019 to 2022. From 2017 to 2019, he was a co-founder of Caligan Partners, LP, an investment firm. He also served as a Managing Director at Icahn Capital LP, a subsidiary of Icahn Enterprises LP, from 2008 to 2016. Mr. Merksamer holds a Bachelor's degree in Economics from Cornell University.

Mr. Konuk joined Mubadala Capital in 2023 and serves as a senior associate in the private equity team. Prior to joining Mubadala Capital, Mr. Konuk worked at several private equity firms, including Blackstone and Castle Harlan. Mr. Konuk graduated from Rice University with a bachelor's degree in mathematical economic analysis.

Mr. Barker was a Managing Partner at PricewaterhouseCoopers LLP UK (“PwC”) from 2006 to 2008, and then a Deputy Chairman from 2008 to 2011. Mr. Barker joined PwC in 1975 and became an Audit Partner in 1987. He subsequently founded PwC’s private equity transaction services practice and led the UK Audit practice. Since leaving PwC in 2012, he has served on the boards of several public companies, including Aviva plc (Senior Independent Director), Berkeley Group Holdings plc (Chairman), and Transocean Limited. Mr. Barker obtained a Bachelor of Science degree in Economics and Accounting from the University of Bristol in 1975 and is a Chartered Certified Accountant.

Mubadala Capital Early Warning Disclosure

Pursuant to the Agreement, MC Accelerate Co-Invest LP (hereinafter referred to as the “ Mubadala Investor ”), an entity indirectly managed by Mubadala Capital Management UK LLP through Accelerate Holdings Corp., acquired all of the CI Shares (excluding the Shares held by Mr. MacAlpine, a Director and Chief Executive Officer of CI (hereinafter referred to as the “Convertible Shares ”)) at a price of C$32.00 per CI Share. MC Accelerate Holdings LP (hereinafter referred to as “ Holdings LP ”), a limited partnership and affiliated entity of the Mubadala Investor, acquired all of the Convertible Shares in exchange for Class A shares of Holdings LP, with an implied value of C$32.00 per Convertible Share. The Convertible Shares have since been contributed to Accelerate Holdings Corp. In total, Mubadala Investor paid C$4,599,384,096 to acquire all of the CI Shares.

Immediately prior to the consummation of the Plan, Investor Mubadala did not have any beneficial ownership, directly or indirectly, of, or any control or direction over, any CI Shares or any securities convertible into or usable to acquire CI Shares. Following the consummation of the Plan on August 12, 2025, and certain internal reorganization transactions completed immediately thereafter, Investor Mubadala now owns, indirectly through Accelerate Holdings Corp., approximately 144,228,914 CI Shares, representing 100% of the issued and outstanding shares of CI.

Investor Mubadala acquired CI shares with the intent of indirectly controlling CI as a long-term strategic investment. However, Investor Mubadala intends to continually review its investment in CI and may, from time to time and at any time, based on market and other factors, elect to sell all or part of its stake in CI, cause CI to divest part of its assets, or reorganize CI's business, subject to a number of factors, including general market and economic conditions and other factors and conditions that Investor Mubadala deems appropriate.

In addition, Accelerate Holdings Corp. has obtained a final order from the Ontario Superior Court of Justice (Commercial List) approving a successor arrangement under section 182 of the Business Corporations Act (Ontario), pursuant to which CI will merge with Accelerate Holdings Corp., with CI continuing as a post-merger entity and an indirect wholly-owned subsidiary of investor Mubadala, and Accelerate Holdings Corp. dissolving (the " Merger Arrangement "). The Merger Arrangement is expected to be completed within the next week.

Mubadala Investor is a limited partnership incorporated under the laws of England and Wales, and its manager, Mubadala Capital Management UK LLP, is a limited liability partnership incorporated under the laws of England and Wales. Both are headquartered at 25 Berkeley Square, W1J 6HN, London, England.

The early warning report will be filed by Mubadala Investor in accordance with applicable Canadian securities laws and, once filed, will be available on CI's SEDAR+ profile at www.sedarplus.ca . A copy of this report may also be obtained from:

Rodney Cannon
General Counsel
United Arab Emirates +971 2 236 1003
United Kingdom +44 20 3650 3333
United States of America +1 929 562 5151

Advisors in the deal

INFOR Financial served as exclusive financial advisor, and Wildeboer Dellelce LLP served as legal counsel to the Special Committee of CI's Board of Directors. Stikeman Elliott LLP and Skadden, Arps, Slate, Meagher & Flom LLP provided legal counsel to CI, and RBC Capital Markets served as additional financial advisor to CI. RBC Capital Markets served as legal counsel to CI.

Jefferies Securities Inc. served as lead financial advisor to Mubadala Capital, and Blake, Cassels & Graydon LLP and Latham & Watkins LLP provided legal counsel to Mubadala Capital. FGS Longview served as strategic communications and public affairs advisor to Mubadala Capital. BMO Capital Markets served as advisor to Mubadala Capital.

About CI Financial

CI Financial Corp. is a diversified global asset and wealth management firm, operating primarily in Canada, the United States, and Australia. Founded in 1965 and headquartered in Toronto, CI has developed world-class portfolio management capabilities, extensive expertise in all aspects of wealth planning, and a comprehensive suite of products. CI operates in three segments:

• Asset management, including CI Global Asset Management operating in Canada, and GSFM operating in Australia.
• Wealth Management in Canada, operating under the name CI Wealth, which includes CI Assante Wealth Management, Aligned Capital Partners, CI Assante Private Client, CI Private Wealth, Northwood Family Office, CI Coriel Capital, CI Direct Investing, CI Direct Trading, and CI Investment Services.
• Wealth Management in the United States, including Corient Private Wealth, a fully integrated wealth management firm offering comprehensive solutions to ultra-high-net-worth and ultra-high-net-worth clients across the United States.

CI's corporate headquarters are located at 15 York St., 2nd Floor, Toronto, Ontario, M5J 0A3, Canada.

About Mubadala Capital

Mubadala Capital is a global alternative asset management platform that manages, advises, and services clients and limited partners on assets exceeding USD 430 billion through its asset managers and strategic partnerships. As a subsidiary of Mubadala Investment Company, Mubadala Capital combines the scale and stability of sovereign ownership with the flexibility and focus of a performance-driven global alternative asset manager.

Mubadala Capital's wholly-owned companies invest across multiple asset classes and geographies, including private equity, special opportunities with a focus on Brazil, and other alternative investments. In addition, Mubadala Capital maintains a portfolio of companies and strategic partnerships in private wealth, credit, insurance, real estate, and other sectors.

With over 200 professionals across five offices in Abu Dhabi, New York, London, San Francisco, and Rio de Janeiro, Mubadala Capital serves as a preferred partner for institutional and individual investors seeking superior risk-adjusted returns across private markets and diverse alternative asset classes.

-I finish-

#Corporate Data

Disclaimer for the content of press releases
The content of these press releases is provided by a third-party provider. We do not assume any responsibility for, nor do we have any control over, such content. This content is provided on an 'as is' and 'as available' basis and has not been edited in any way. Neither we nor our affiliates are responsible for the accuracy, endorsement, or completeness of the opinions, views, information, or materials contained in this content.
Press releases are provided for informational purposes only; the content does not imply legal, investment, or tax advice or any opinion regarding the suitability, value, or profitability of any particular portfolio or investment strategy. We, or our affiliates, will not be liable for any errors or inaccuracies in the content, or for any actions you take based on such content. You expressly agree and acknowledge that you bear full responsibility for the use of the information contained in these press releases.
To the extent permitted by applicable law, Refinitiv, its parent, subsidiaries, affiliates, and their respective shareholders, directors, officers, employees, agents, advertisers, content providers, and licensors (collectively, the “Refinitiv Parties”) will not be liable (either jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive, or exemplary damages; This includes, but is not limited to: lost profits, lost savings or revenue, whether caused by negligence, tort, contract or other liability theories, even if the Refinitiv Parties have been advised of the possibility of any such damages and losses or had actually anticipated their occurrence.