National Bank of Canada
has acquired the mutual fund manager and distributor Altamira
. The acquisition of Altamira will expand the National Bank's presence outside Quebec in the area of wealth management and double its mutual funds under management to $10.4 billion. The purchase price will be between C$277.1 million and C$314.1 million for all classes of shares based on assets under management at closing. In addition, the Bank will assume Altamira's debt of C$195.9 million.
The transaction is expected to close around August 12, 2002 provided all closing conditions are met, including approval from regulatory authorities.
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