Sun Life Financial Services of Canada Inc. sold its mutual fund management subsidiaries, Spectrum Investment Management Limited and Clarica Diversico Ltd., to C.I. Fund Management Inc. in exchange for 71.2 million shares of C.I., representing 30 per cent of C.I.’s total outstanding shares. Based on the price of C.I. shares at closing, the transaction was valued at approximately $652 million and closed on July 25, 2002.
C.I. was represented in-house by senior vice-president and general counsel Mike Killeen, and by Gord Currie, Mike Sharp, Kim Harle and Eric Moncik (corporate) and Ron Richler (tax) of Blake, Cassels & Graydon LLP. Sun Life was represented by in-house counsel Paul Petrelli, Hugh Kerr and Dave McKee, and by Torys LLP with a team that included Phil Mohtadi, Matt Cockburn, David Boyko, Stéphane Fournier, Sarah Gilbert and Paul Guthrie (corporate), Lucia ten Kortenaar (tax) and Chris Medland (pension, benefits and employment).