CI did not say how much it will make for selling its stake, but plans to use the money to pay down debt
has sold its minority stake in a U.S. wealth manager, saying it plans to use the proceeds to pay down debt.
CI slowed down the acquisition pace in 2022, however, as analysts pressed the company on whether it could improve its balance sheet. With $4.4-billion in debt at Dec. 31, the company’s ratio of debt to EBITDA -- or earnings before interest, depreciation and amortization -- spiked to 4.3, according to S&P Global Market Intelligence. It was 2.0 at the end of 2019.
“Unfortunately, the ownership structure at Congress precludes it from fully integrating,” into CI Private Wealth, Mr. MacAlpine said in the statement. “CI and Congress believe that minority ownership is not the best structure to maximize the client and employee experience.”
France Dernières Nouvelles, France Actualités
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