December 5, 2016 / 10:22 PM / 2 years ago

Industrial Alliance to acquire HollisWealth from ScotiaBank

Dec 5 (Reuters) - Industrial Alliance Insurance and Financial Services Inc said it would acquire financial network HollisWealth from ScotiaBank.

The cash-and-stock deal is expected to “modestly” add to Industrial Alliance’s earnings in 2018, the company said.

HollisWealth, which was part of Scotiabank’s acquisition of DundeeWealth Inc, provides diversified investment and wealth management services.

To finance the deal Industrial Alliance is looking to raise about C$139 million through the sale of 2.5 million shares for C$55.65 per share, representing a 2 percent discount to the stock’s Monday close. (Reporting by John Benny in Bengaluru)

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