iA Financial Corporation to acquire RF Capital Group Inc. for C$597M

On July 28, 2025, iA Financial Corporation Inc. (“iA”) announced it had entered into a definitive agreement to acquire all issued and outstanding common shares of RF Capital Group Inc. (“RF Capital”) for C$20.00 per share in cash, representing a total transaction value of approximately C$597 million. The transaction includes the assumption of RF Capital’s financial obligations and is structured as a plan of arrangement under the Business Corporations Act (Ontario).

iA is one of Canada’s largest insurance and wealth management groups, with operations in the United States. RF Capital is a TSX-listed independent wealth management firm operating under the Richardson Wealth brand, with over C$40 billion in assets under administration and a national footprint of 23 offices across Canada.

McCarthy Tétrault LLP advised iA Financial Corporation Inc. on the acquisition with a team led by Charles-Antoine Soulière and Patrick Boucher that included Laurence Cromp-Lapierre, Thierry Côté, Annie Poirier-Simard and Charles Morin (Corporate / M&A); Shane D’Souza and Sabih Ottawa (Litigation); Dominic Thérien and Benjamin Brown (Competition); Marie-Soleil Landry and Geneviève Favreau (Tax); Sean D. Sadler, Sonia Struthers, Daanish Pasricha and Christopher Yam (Regulatory); Tim Lawson and Francis L. Racine (Labour and Employment); Susan Nickerson (Pension and Benefits); Eugen Miscoi (Privacy); Véronique Wattiez Larose and Jerry Lan (Intellectual Property); Richard O’Doherty, Étienne Guertin, Eve Tessier and Juliana Smith (Financial Services); Ted Cox, Mary Pagonis, Julianne Gu, Nicholas Alevras and Xin Yue Zhang (Real Property and Planning); and Conrad Lee (Information Technology).