Norshield Financial Group and Aragon Investments Corp. have entered into a letter of intent that will see Aragon acquire the investment management business of Norshield Asset Management (Canada) Ltd., a wholly owned subsidiary of Norshield Financial.
The two companies say the transaction will provide Aragon with the ability to become a significant presence in the investment management business in Canada and Europe by combining the human and financial resources of Aragon, with the experience and proprietary models of Norshield.
“This transaction will allow me to return to my true passion, which is analyzing the capital markets and finding value within them for the benefit of our investors. Aragon brings a wealth of experience in the financial sector and this transaction is in the best interests of our investors,” said John Xanthoudakis, currently chairman and CEO of Norshield.
“Norshield has an incredible track record and has developed a powerful array of proprietary technical models over the last twenty years. We are excited about the opportunity of working with John and his team, and creating value for our stakeholders, including current and future investors,” said Ted Cantlon, president of Aragon.
“We plan on bringing a revitalized approach to the business to benefit both existing and new clients,” said Cantlon.
The deal is subject to regulatory approvals and the conclusion of a definitive agreement. Both parties expect the transaction to close by June 30.