MLT Aikins Advises Greystone Capital Management on Its Sale to TD

MLT Aikins acted as counsel to Greystone Capital Management Inc. (GCMI), the parent company of Greystone Managed Investments Inc., in its recent sale to the Toronto-Dominion Bank (TD), which closed on November 1.

Headquartered in Regina, Greystone Managed Investments is an institutional investment manager with more than $35 billion of assets under management. It will now operate as TD Greystone Asset Management, with offices in Regina, Winnipeg, Toronto and Hong Kong.

“Joining forces with TD will add tremendous value to Greystone clients interested in expanding and diversifying their investment portfolios,” Robert Vanderhooft, CEO and CIO of Greystone, said in a release.

TD acquired GCMI for a net purchase price of $792 million. GCMI shareholders received 30% of the net purchase price in TD common shares, with the remaining balance payable in cash consideration. GCMI shareholders have the ability to elect up to an incremental 20% of the purchase price in common shares, for a maximum of 50% TD share consideration.

The transaction has made TD Asset Management the largest money manager in Canada, according to a release from TD.

The MLT Aikins transaction team included Aaron Runge, Stathy Markatos, Breanne Lothian and Penny Yeager.