Desjardins accelerates investment growth by entering into a definitive agreement for the take-private acquisition of Guardian Capital Group Limited, expanding reach across Canada and beyond

• This announcement reflects a firm commitment to grow and become a major player in asset management by Desjardins—the largest financial cooperative in North America serving members and clients for 125 years
• The take-private transaction will unite the strengths of Desjardins Global Asset Management and Guardian, which will manage approximately C$280 billion in assets under management and advisement, positioning it as a major player in Canada and on the global stage
• Together, Desjardins and Guardian will continue to drive growth and leverage their expertise to deliver enhanced value to members, clients and investors

MONTREAL, Aug. 28, 2025 /CNW/ - Desjardins Group ("Desjardins") announces that it has signed a definitive agreement for a take-private acquisition of Guardian Capital Group Limited ("Guardian") (TSX: GCG) (TSX: GCG.A), a publicly traded global investment management company that serves institutional, retail and private clients through its subsidiaries. This strategic acquisition will mark a significant milestone for Desjardins in strengthening its position in asset management across Canada and internationally. This announcement follows the acquisition of Guardian's life insurance, mutual fund and investment distribution networks, which closed in 2023. Pursuant to the definitive agreement, Desjardins will acquire Guardian for C$68.00 per share in an all-cash transaction valuing Guardian at approximately C$1.67 billion. The transaction is subject to court, shareholders and regulatory approvals, as well as other customary closing conditions. Closing is expected to occur in the first quarter of 2026.

The transaction will bring together the strengths of Desjardins Global Asset Management and Guardian to form a leading organization with approximately C$280 billion in assets under management and advisement, positioning it as a key player in the Canadian market and supports its expanding presence globally.

"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 Guy Cormier, President and CEO of Desjardins Group. "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. This is more than a transaction—it's a strategic leap that reflects our enduring commitment to innovation, excellence and long-term value creation. For 125 years, Desjardins has evolved to meet the changing needs of Canadians. Today, we reaffirm our ambition to lead with purpose and create even greater benefit for our members and clients."

Growth and expanded reach

This transaction will bring together the deep expertise of both organizations. Guardian's strong international footprint—including operations across North America, Europe, and other global markets—complements the strengths of Desjardins in Canada, particularly its presence in Quebec, creating a more dynamic and competitive asset management platform.

The combined business will benefit from:

• Expanded scale and reach, delivering customized solutions to more members and clients
• Enhanced capabilities, enabling a broader suite of high-quality investment solutions in the private and public markets
• Shared commitment to excellence, innovation and long-term value creation

Building a future-ready organization

Desjardins shares Guardian's strategic vision to build a best-in-class, competitively scaled global asset management business. Our substantial financial commitment as a long-term shareholder, reflects our strong conviction in this partnership and our shared ambition to grow a successful global platform.

As part of the transaction, George Mavroudis, current President and CEO of Guardian, will be appointed CEO of the combined business and lead an executive team overseeing the strategic direction of the overall asset management business. Nicolas Richard, current President and COO of DGAM, will join that executive team. This leadership structure brings together top talent from both organizations to guide our shared vision and ensure a smooth, coordinated transition—preserving the trust, excellence, and service quality Canadians have come to expect.

"We are immensely proud of our 65-year legacy as a trusted and respected asset management company. 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", said George Mavroudis, President and CEO of Guardian Capital Group, "Together, we will be better equipped to realize our growth ambitions and continue delivering exceptional value to our clients as their needs evolve."

"This is a defining moment for Desjardins Global Asset Management. By joining forces with Guardian, we are not only expanding our investment capabilities, but also enhancing our ability to deliver tailored, high-performing solutions to our clients," said Denis Dubois, Executive Vice-President of Wealth Management and Life and Health Insurance, Desjardins Group. "Together, we are building a platform that has the scale, expertise and agility to thrive in a rapidly evolving global landscape."

This acquisition builds on a series of strategic moves that have fueled Desjardins' growth across the Canadian financial landscape. A major milestone came in 2015 with the acquisition of State Farm's Canadian operations, significantly strengthening Desjardins' insurance business. In 2018, Desjardins also partnered with Canada's five credit union centrals and CUMIS to create Aviso Wealth—a key strategic partnership for Desjardins in wealth management, with over C$145 billion in assets under administration and management. More recently, the acquisitions of Worldsource in 2023 and The Insurance Company of Prince Edward Island in 2024 have further solidified Desjardins' growing presence across Canada.

Support for the transaction 
Guardian's major shareholders and all of its directors and executive officers, together holding 32.06% of the issued and outstanding shares of Guardian, have entered into support and voting agreements pursuant to which they have agreed to, among other things, vote in favour of the transaction at Guardian's shareholders' meeting. The support and voting agreements of certain shareholders that will retain an ownership in DGAM (together holding 28.62% of the issued and outstanding shares of Guardian) have also irrevocably agreed to vote against any other proposal for a period of nine months from the date of the definitive agreement.

Stikeman Elliott LLP is acting as legal advisor to Desjardins, and Desjardins Capital Markets is acting as financial advisor to Desjardins.

About Desjardins Group

Desjardins Group is the largest cooperative financial group in North America and the sixth largest in the world, with assets of $501.3 billion as at June 30, 2025. It has been named one of the top employers in Canada by both Forbes magazine and Mediacorp. It has also been recognized as one of the World's Best Banks in 2025 by Forbes. The organization has more than 57,200 skilled employees. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, its online platforms, and its subsidiaries across Canada. Ranked among the world's strongest banks according to The Banker magazine, Desjardins has one of the highest capital ratios and one of the highest credit ratings in the industry. In 2025, Desjardins Group is celebrating its 125th anniversary, marking more than a century of focusing its ambitions and expertise on being there for members and clients. 

About Guardian Capital Group Limited

Guardian Capital Group Limited ("Guardian") is a global investment management company servicing institutional, retail and private clients through its subsidiaries. As at June 30, 2025, Guardian had C$164.1 billion of total client assets while managing a proprietary investment portfolio with a fair market value of C$1.25 billion. Founded in 1962, Guardian's reputation for steady growth, long-term relationships and its core values of authenticity, integrity, stability and trustworthiness have been key to its success over six decades. Its Common and Class A shares are listed on the Toronto Stock Exchange as GCG and GCG.A, respectively. To learn more about Guardian, visit www.guardiancapital.com.

Caution Concerning Forward-Looking Statements

This press release may contain forward-looking statements. Such statements are typically identified by future and conditional verbs or words such as "expect" or "will" and other words and expressions of similar import. Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties that may be general or specific and are based on assumptions that may give rise to the possibility that actual results or events could differ materially from expectations expressed in or implied by such forward-looking statements. Forward-looking statements contained in this press release may include, but are not limited to, those with respect to Desjardins' objectives and views regarding timing for closing of the acquisition, the acquisition itself, the operations and businesses of the combined entity post-closing of the transaction, including Desjardins' post-closing assets under management levels, as well as the satisfaction of closing conditions and receipt of required court, shareholders' and regulatory approvals to close the acquisition and timing thereof. It is important to note that many factors could influence future results and could have an adverse effect on results. Desjardins cautions readers against placing undue reliance on forward-looking statements when making decisions. Desjardins does not undertake to update any forward-looking statements that may be made herein, except as required under applicable law.

SOURCE Desjardins Group

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