Deals: IPC acquires De Thomas Wealth Management

Investment Planning Counsel Inc., a subsidiary of Canada Life, will acquire the wealth assets of De Thomas Wealth Management Corp.

The deal expands IPC’s network of entrepreneurial advisors and supports its growth strategy in the independent wealth management space.

“We look forward to working closely with De Thomas advisors to help them grow and succeed,” said IPC executive vice-president John Novachis.

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First National Financial Corp. has agreed to be acquired in a $2.9-billion deal by private equity funds managed by Birch Hill Equity Partners and Brookfield Asset Management.

Founders Stephen Smith and Moray Tawse will each retain about a 19% stake in the mortgage lender.

The $48-per-share offer represents a 15.2% premium to the 30-day average and exceeds the company’s 52-week high.

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CI Financial Corp. expects its acquisition deal with Mubadala Capital — an independent subsidiary of the Abu Dhabi-based US$330 billion sovereign investor Mubadala Investment Company — to close on or around Aug. 12.

“[A]ll regulatory approvals required to close … have now been obtained,” according to a release issued last week. Mubadala is buying up all issued and outstanding common shares of CI Financial.

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CPP Investments will sell its 49% stake in Island Star Mall Developers Private Ltd. to The Phoenix Mills Ltd. and affiliates for about $871 million.

The India-based platform was created in 2017 to develop retail-led mixed-use projects, including Phoenix MarketCity Bangalore and three other retail developments.

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CPP Investments will sell its 50% stake in Birmingham’s Bullring and Grand Central shopping centres to joint venture partner Hammerson Plc for £319 million ($509.1 million).

The deal, expected to close in August, will generate about $615 million in net proceeds for CPP Investments.

Since increasing its Bullring stake to 50% in 2022, occupancy has risen from 86% to 95%, with net operating income up 23%.

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La Caisse has committed up to £1.7 billion ($3.2 billion) for a 20% stake in Sizewell C, a 3.2GW nuclear power station under construction in the East of England.

The project is being developed in collaboration with the U.K. government, EDF, Centrica and Amber Infrastructure, and will operate under the U.K.’s Regulated Asset Base model.

Once complete, Sizewell C is expected to provide more than 60 years of clean power and avoid nine million tonnes of carbon emissions annually, La Caisse said.

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La Caisse will invest US$200 million in Renewa, a U.S.-based company backed by QIC that finances land for renewable energy infrastructure.

Renewa holds or leases land under more than 140 clean energy assets in North America, representing 26 gigawatts of renewable energy capacity.

The investment brings the company’s total funding commitments since 2022 to more than US$750 million.

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FinDev Canada, Sumitomo Mitsui Banking Corp. and the Japan International Cooperation Agency will provide a US$215-million syndicated loan to Ho Chi Minh City Development Joint Stock Commercial Bank.

FinDev Canada’s US$75-million contribution will support agricultural development, women-owned and led businesses and climate finance projects in Vietnam.

At least 30% of the proceeds will fund renewable energy, energy efficiency and wastewater treatment initiatives, the institution said.

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BGO has raised $247 million in capital commitments for its first Canadian value-add real estate strategy.

The Canadian Value-Add LP will target growth-oriented markets and was backed by nine domestic institutional investors, including financial institutions, insurers and pension funds.

The capital includes co-investment funds and will support higher-return real estate projects, BGO said.

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Kawartha Credit Union and Libro Credit Union have started merger discussions that could create a combined institution with $11 billion in assets and more than 180,000 members across 57 locations in Ontario.

A regulatory application to the Financial Services Regulatory Authority of Ontario is expected in August, with a member vote likely in fall 2025.

“The merger will allow us to scale and be better prepared for the future, while maintaining our community focus,” said Libro board chair Garrett Vanderwyst.

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Tomoverse Imaging Inc. has raised $5 million in a seed funding round led by a Canadian family office.

The Montréal-based company develops AI-enhanced CT imaging software for complex structural heart procedures and will use the funds to complete development, advance clinical studies and seek regulatory approvals in the U.S., Canada and other markets.