Desjardins Group has agreed to acquire Guardian Capital Group, a publicly listed investment management firm, in a take-private transaction valued at approximately C$1.67bn ($1.21bn).
Under the terms of the agreement, Desjardins will purchase Guardian shares at C$68.00 each in an all-cash deal.
Established in 1962, Guardian Capital serves institutional, retail, and private clients through its subsidiaries.
As of 30 June 2025, Guardian managed C$164.1bn in total client assets and held an investment portfolio valued at C$1.25bn.
Guardian Capital Group president and CEO George Mavroudis said: “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.”
The acquisition is expected to enhance Desjardins’ asset management capabilities both in Canada and internationally, following its earlier acquisition of Guardian’s life insurance, mutual fund, and investment distribution networks, which was finalised in 2023.
The merger will combine the resources of Desjardins Global Asset Management with Guardian, resulting in a combined entity managing approximately C$280bn in assets.
Guardian’s international operations span North America, Europe, and other global markets.
George Mavroudis, the current president and CEO of Guardian, will take on the role of CEO for the newly formed entity, leading an executive team that includes Nicolas Richard, president and COO of Desjardins Global Asset Management.
Desjardins Group president and CEO Guy Cormier said: “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.”
The acquisition is pending approval from courts, shareholders, and regulatory bodies, with completion anticipated in the first quarter of 2026.
Stikeman Elliott is serving as legal counsel for Desjardins, while Desjardins Capital Markets is acting as its financial advisor.
Desjardins’ past moves in Canada include the 2015 acquisition of State Farm’s Canadian operations and the establishment of Aviso Wealth in partnership with Canada’s credit union centrals in 2018.
Its recent acquisitions include Worldsource in 2023 and The Insurance Company of Prince Edward Island in 2024.
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