Certain employees of CI Capital Markets Inc., formerly the Capital Markets group of Blackmont Capital Inc., have entered into a definitive agreement to buy CI Capital Markets from CI Financial Corp., the two organizations said Thursday.

Financial terms were not disclosed.

The agreement is effective February 1, with formal closing to occur on February 26, subject to regulatory approval.

CI Capital Markets provides quality independent research, experienced equity sales and trading coverage to institutional clients, and investment banking services to corporate clients.

“This is the culmination of an undertaking that has been ongoing since early December. We have been able to secure strong financial sponsorship and are fortunate to have the continued support of our institutional and corporate clients,” stated Jeff White, CI Capital Markets CEO.

“CI Capital Markets will rename and rebrand the company shortly after formal closing,” he added.

“We are pleased to have been able to assist the employees in their efforts to acquire CI Capital Markets and believe this is a great outcome for them and CI following the completion of the sale of the Blackmont private wealth group in late December. We continue to be supportive of this group and their new venture going forward,” said Bill Holland, CI chief executive officer.

IE