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On July 28, 2025, iA Financial Corporation Inc. (iA) has entered into a definitive agreement to acquire all issued and outstanding shares of RF Capital Group Inc. for $20.00 per share in cash, valuing RF Capital’s fully diluted equity at $370 million and assuming $227 million in financial obligations, for a total transaction value of $597 million. The deal adds over $40 billion in assets under administration, significantly enhancing iA’s presence in the high-net-worth segment and expanding its national distribution network. RF Capital, operating as Richardson Wealth, will maintain its brand and operational independence, while benefiting from iA’s technology, innovation, and financial strength. The acquisition is expected to be neutral to iA’s core earnings in the first year and accretive to core EPS by at least $0.15 in the second year. The purchase price represents a 107% premium to RF Capital’s closing share price on July 25, 2025. The transaction is unanimously supported by RF Capital’s board and major shareholders, including Richardson Financial Group Limited.
Legal advisors on the deal include Goodmans LLP for RF Capital, Stikeman Elliott LLP for Richardson Financial Group Limited, and McCarthy Tétrault LLP for iA. Financial advisors are CIBC Capital Markets for RF Capital and National Bank Financial Inc. for iA, with fairness opinions provided by CIBC and Cormark Securities Inc. The transaction is expected to close in Q4 2025, pending shareholder and regulatory approvals.
Parties
Company
iA Financial Corporation Inc.
Company
RF Capital Group Inc.
Company
Richardson Financial Group Limited
Deal Type
Merger & AcquisitionIndustry
Banking/FinanceTransaction
$ 597,000,000Deal Status
ClosedClosing Date
31 October 2025