Power Corp. Completes China Asset Interest Acquisition
Montreal-headquartered Power Corp. of Canada, a diversified international management and Canadian holding company, has completed the acquisition of an additional 3.9 per cent equity interest in China Asset Management Co. Ltd in a deal that was initially announced in January 2017. Power Corp. now directly holds a 13.9 per cent equity interest in China AMC, which was established in 1998 and in June of 2016 had C$215.2billion in assets under management. China AMC is an affiliate of CITIC Group Corp. Ltd., China's largest conglomerate, with which Power Corp. has had an association since 1986. Toronto-headquartered investment management firm Mackenzie Financial Corp., an indirect subsidiary of Power Corp., also reported today that it has completed its acquisition of a 13.9 per cent interest in China AMC. Power Corp. and Mackenzie Investments now hold a combined 27.8 per cent interest in China AMC.