Canadian private equity firm buying Sagicor Financial for US$536m

The acquisition of regional financial conglomerate Sagicor Financial Corporation Limited by Canadian private equity firm Alignvest will not affect shareholders of the Jamaican subsidiary, says president and chief executive officer of Sagicor Group Jamaica Limited, Christopher Zacca.

"The transaction is between Sagicor Financial Corp and Alignvest. SFC owns 49.1 per cent of Sagicor Group Jamaica and that won't change with the transaction," Zacca told the Financial Gleaner.

Sagicor Financial, which is listed on the stock exchanges in Barbados, Trinidad & Tobago and London, announced yesterday that it had entered into a definitive agreement with Alignvest Acquisition II Corporation under which Alignvest plans to acquire 100 per cent of Sagicor for US$536 million or US$1.75 per share.

Simultaneously, the parties announced that Alignvest will acquire Scotiabank's life insurance operations in Jamaica and Trinidad & Tobago. As part of that deal, the value of which was not disclosed, Sagicor will provide insurance solutions to Scotiabank's clients in the two markets under a 20-year exclusive contract.

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