TORONTO, Feb. 4 /CNW/ - Certain employees of CI Capital Markets Inc. ("CICM"), formerly the Capital Markets group of Blackmont Capital Inc., are pleased to announce that they have entered into a definitive agreement to buy CICM from CI Financial Corp ("CI"). The agreement is effective as of February 1st, 2010 with formal closing to occur on or about February 26th, 2010, subject to regulatory approval.
"This is the culmination of an undertaking that has been ongoing since early December. We have been able to secure strong financial sponsorship and are fortunate to have the continued support of our institutional and corporate clients. We also greatly appreciate the assistance that CI has provided throughout this process," said Jeff White, CICM Chief Executive Officer.
"CICM will rename and rebrand the company shortly after formal closing. We truly appreciate the encouragement and backing that our clients have demonstrated throughout this transitional period. We are now looking forward to growing our business as an employee-owned firm now that our definitive agreement is in place."
"We are pleased to have been able to assist the employees in their efforts to acquire CICM and believe this is a great outcome for them and CI following the completion of the sale of the Blackmont private wealth group in late December. We continue to be supportive of this group and their new venture going forward," said William T. Holland, CI Chief Executive Officer.
CICM provides quality independent research, experienced equity sales and trading coverage to institutional clients, and investment banking services to corporate clients.
SOURCE CI CAPITAL MARKETS INC.
For further information: For further information: R. Jeffrey White, Chief Executive Officer, CI Capital Markets Inc., (416) 864-2059