CIBC is to acquire Merrill Lynch Canada's retail brokerage, asset management and Canadian securities services businesses, including Merrill Lynch Investment Managers Canada.
The transaction, which is subject to regulatory approval and client notification, is expected to be completed by January 31, 2002.
The acquisition is priced in a range from $475-$650 million with the final purchase price expected to be between $500-$600 million, depending on the number of financial consultants joining CIBC Wood Gundy.
The Merrill Lynch Canada retail brokerage business will combine with CIBC Wood Gundy private brokerage firm and operate under the latter's name. The new operation will be led by Tom Monahan, the current head of CIBC Wood Gundy.