Transaction|April 3, 2023

Canada Life to acquire Investment Planning Counsel

Torys is acting as counsel to The Canada Life Assurance Company with a team led by Karrin Powys-Lybbe and Zehra Sheerazi that includes Nick Germanakos and Brianna Pioli (corporate/M&A and securities), Blair Keefe and Eli Monas (financial services regulatory), Tom Stevenson (employment), Gwen Watson and Steve Marshall (tax).

On April 3, 2023, The Canada Life Assurance Company (“Canada Life”), a subsidiary of Great-West Lifeco Inc., announced that it reached an agreement to acquire Investment Planning Counsel Inc. (“IPC”) from IGM Financial Inc. (“IGM”).

Canada Life will acquire IPC for a total cash consideration of C$575 million, subject to adjustments. The transaction is expected to be completed by the end of 2023, subject to customary closing conditions including regulatory approvals.

Further information can be found on Canada Newswire’s website.

IPC is a leading wealth dealer and investment company operating both MFDA and IIROC platforms with 650 advisors.

Canada Life is an international company providing insurance, wealth management, and healthcare benefit products and services in Canada, the United Kingdom, Isle of Man and Germany, and in Ireland through Irish Life.

Great-West Lifeco is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses.

IGM is one of Canada's leading diversified wealth and asset management companies with approximately C$258 billion in total assets under management and advisement at February 28, 2023.