On May 12, 2008, Morneau Sobeco Income Fund (TSX: MSI.UN) announced that it entered into a definitive agreement to acquire substantially all the assets of Shepell-fgi from Clairvest Group Inc. and its partners for C$321.9 million to be paid over two years. The transaction is subject to regulatory approval and other customary conditions, and is expected to close in June 2008.
Following the closing, Morneau Sobeco and Shepell-fgi will maintain their existing leadership teams and brand identities, and will continue using their current client service models. They will each continue to serve their clients independently. The dealers in the equity offering were led by National Bank Financial, BMO Nesbitt Burns and TD Securities.
Morneau Sobeco is the largest Canadian-owned pension and benefits consulting and outsourcing firm, providing services to organizations across Canada and in the United States.
Shepell-fgi is Canada's largest provider of employee health and productivity services.
Further information can be found on Market Wire.