MONTREAL and and WINNIPEG, MB, May 6, 2024 /CNW/ -- Power Sustainable Manager Inc. (Power Sustainable), a climate-focused investment manager, and Great-West Lifeco Inc. (Lifeco) jointly announced today that they have entered into a new long-term strategic partnership. This ongoing relationship will enable Power Sustainable to accelerate its growth and market penetration in sustainable private equity and infrastructure, while supporting Lifeco's value creation strategy as part of a responsible transition.
Under the transaction, Lifeco has become a minority shareholder in Power Sustainable – with an ownership share of slightly below 20% on a fully diluted basis – and has agreed to invest in certain funds across Power Sustainable's investment strategies in the coming months and years. Power Corporation of Canada remains the controlling shareholder of Power Sustainable following this transaction.
"I am thrilled to launch this strategic partnership with Great-West Lifeco," said Olivier Desmarais, Chairman and Chief Executive Officer of Power Sustainable. "At Power Sustainable, we target competitive returns and positive sustainability outcomes with every investment we make; Great-West Lifeco is the perfect partner for our next phase of growth."
"We are excited to enter into a strategic partnership with Power Sustainable as ...
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