Waddell & Reed Acquires Mackenzie Investment Shares

Kansas City, Missouri-based Waddell & Reed Financial, Inc. entered into an agreement, on August 29, 2002, to acquire the shares of Florida-based Mackenzie Investment Management, Inc. (MIMI) from Toronto-based Mackenzie Financial Corporation and the public shareholders of MIMI in a transaction valued at approximately US$74 million. The deal closed on December 16, 2002. At closing, Waddell & Reed and Mackenzie Financial entered into a sub-advisory agreement under which Waddell & Reed will act as investment advisor to several of Mackenzie’s universal funds.

Waddell & Reed was represented in Canada, by Osler, Hoskin & Harcourt LLP in Toronto, with a team that included Linda Currie, John Black, Colin Berryman and Lynne Woollcombe (mergers & acquisitions and investment funds) and Daniel MacIntosh (tax); and in the U.S., by Alan Bogdanow, Kyle Fox and Amy White of Vinson & Elkins LLP in Dallas.

Mackenzie Financial and MIMI were represented in-house by Sian Brown, senior vice-president and general counsel, Mackenzie Financial; Joseph Fleming, Stephen Costalas, Tracy Soehle and Chris Karras of Dechert LLP in Boston; and Frank Allen, Robert Black, John Hall, Gordon Raman, Michael De Cosimo and Dyana McLellan of Borden Ladner Gervais LLP in Toronto.


Linda Gail Currie Colin B. Berryman Robert N. Black Kyle K. Fox Michael C. De Cosimo John A. Black Dyana E. McLellan Joseph Fleming Francis R. Allen Alan J. Bogdanow Stephen Costalas Chris Karras John E. Hall Daniel R. MacIntosh Gordon G. Raman