Bank of Montreal (BMO) has entered into an agreement to acquire Burgundy Asset Management (Burgundy) for approximately $625 million in shares.
“It has always been our intention to build Burgundy for the long run, so we can serve our clients and their families across generations,” Tony Arrell, Burgundy’s chairman and co-founder, said in a joint news release.
“We are happy to be joining BMO, a North American leader, and believe this is a great opportunity to continue to serve our clients well into the future.”
Following the completion of the acquisition, which is expected to take place at the end of the year, Burgundy will be added to the bank’s wealth management unit.
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Following BMO’s acquisition of Burgundy, the bank might decide to let certain staff members go.
In Canada, the “seller” of the business is responsible for providing proper compensation to employees who lose their job.
If you receive a new employment contract from BMO following the acquisition, and you have a good reason for why you don’t want to accept it (i.e. different hours or pay), contact an experienced employment lawyer at Samfiru...
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