The first look at the BMG Harris Bradley takeover of the company’s private-equity arm was on Friday.
The takeover was the culmination of years of negotiations between the two parties, with the transaction expected to be completed by the end of the year.
The takeover would mark the first time a Canadian-owned private equity firm has bought a company, and the first major transaction of its kind in the world.
The transaction was first reported by Bloomberg News.BMO Harris said the deal is expected to generate between $150 million and $200 million in annual revenue for the Canadian firm.
The BMO said the purchase of the business would generate up to 1,400 jobs and create over 1,600 full-time positions.
The deal will allow the company to build out a full-service private-investment arm in Canada.
BMG said the company expects to have more than 2,000 staff working on the deal, and it expects the deal to close in the first half of 2019.
The company expects it will also be the first company in Canada to take full advantage of the country’s $1.4-trillion B.C. real estate market.BMG said in a statement the transaction “is expected to result in significant synergies and provide an excellent value proposition for both parties.”