Stikeman Elliott advising Desjardins; BLG and Torys representing Guardian Capital
Desjardins Group, the largest cooperative financial group in North America, has signed a definitive agreement to acquire Guardian Capital Group Limited, a global investment management company, in a take-private, all-cash transaction valued at approximately $1.67 billion, or $68.00 per share.
This acquisition will combine Desjardins Global Asset Management and Guardian, resulting in a leading entity with approximately $280 billion in assets under management and advisement.
The transaction follows Desjardins’ 2023 acquisition of Guardian’s life insurance, mutual fund, and investment distribution networks, and further strengthens Desjardins’ position in the Canadian and international asset management markets.
Major shareholders and directors of Guardian, collectively holding 32.06 percent of outstanding shares, have entered into support and voting agreements in favor of the transaction, ensuring significant backing for the deal.
“Desjardins has a clear and focused vision for growth in asset management, and this acquisition will strengthen our position in the Canadian financial services landscape,” said Desjardins Group president and CEO Guy Cormier in a press release. “By combining our strengths with Guardian, we are building a leading platform with the scale, capabilities, and reach to serve investors in Canada and around the world.”
Guardian Capital president and CEO George Mavroudis added, “This transaction marks a pivotal opportunity for Guardian to align with a strong strategic partner—one with exceptional financial resources and an even longer distinguished history in financial services.”
Mavroudis will lead the combined business, supported by Nicolas Richard, Desjardins Global Asset Management president and COO, who will join the executive team.
Stikeman Elliott LLP is acting as legal advisor to Desjardins, with Desjardins Capital Markets serving as financial advisor. Guardian Capital Group is represented by BLG as legal counsel, with a multidisciplinary team led by Carlos Cerqueira. Torys is acting as counsel to the special committee of Guardian Capital with a team led by John Emanoilidis.
The deal is expected to close in the first quarter of 2026, subject to court, shareholder, and regulatory approvals.
