Sun Life Financial (SLF.TO), Canada's No. 3 insurer, will purchase out the minority stake its McLean Budden investment management unit for about C$144 million ($138 million) to boost its mutual fund business. Toronto-based Sun Life, which already owns the majority of McLean Budden, said on Thursday it will buy the remaining 32.4 percent of the firm, which is owned by a group of 55 employees. The purchase price may rise if certain performance targets are met, Sun Life said. McLean Budden will become a subsidiary of Sun Life's MFS Investment Management unit, which will have combined assets under management of C$261 billion, as calculated on Aug. 31.
Shares of SLF traded higher by 1.26% or $0.3/share to $24.08. In the past year, the shares have traded as low as $22.62 and as high as $34.66. On average, 697902 shares of SLF exchange hands on a given day and today's volume is recorded at 456538.
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