Sun Life to acquire majority stake in Crescent Capital Group

Crescent Capital Bdc

22/10/2020 02:03

Oct 21 (Reuters) - Canadian insurer Sun Life Financial Inc
 SLF.TO  will buy a majority stake in alternative credit
investment manager Crescent Capital Group LP for up to $338
million, the companies said on Wednesday.
    Sun Life will acquire a 51% interest in Crescent with an
upfront payment of $276 million and a future payment of $62
million based on achievement of certain milestones, the
companies said.  urn:newsml:reuters.com:*:nCNW7t5hCa
    Crescent, which had about $28 billion in assets under
management at the end of June, will be a part of Sun Life's
asset management unit SLC Management.
    Crescent will continue to operate independently under its
current leadership, the statement said, adding that Sun Life has
committed to co-invest up to $750 million in Crescent's
investment strategies.
    Reuters had reported in January Sun Life's asset management
unit was eyeing its first middle-market private-debt acquisition
as it expanded into the higher-yielding investments.
 urn:newsml:reuters.com:*:nL4N29T2W4
    

 (Reporting by Sabahatjahan Contractor in Bengaluru; Editing by
Uttaresh.V)
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