India, June 19 -- Bank of Montreal (BMO.TO,BMO) announced Thursday that it has signed a definitive agreement to acquire Burgundy Asset Management Ltd. for around $625 million, payable in BMO shares.
The deal includes a $125 million holdback to be paid subject to Burgundy maintaining certain assets under management 18 months post-closing. An earn-out component may also be paid in the future based on the achievement of certain growth targets.
The acquisition is expected to close by the end of calendar 2025, subject to customary closing conditions including regulatory approvals.
Following the deal closure, Burgundy will operate as part of BMO Wealth Management. Burgundy's Chief Executive Officer, Robert Sankey, will continue to lead the bus...