Jovian considering sale of ETF business

By Staff | July 4, 2011 | Last updated on July 4, 2011
2 min read

Jovian Capital has confirmed that it is in talks that may lead to the sale of its ETF business. The company was asked by Market Surveillance to comment on reports in the Korean media.

“Jovian confirms that it has had discussions with several parties over the past several months, including ongoing discussions with Mirae Asset Global Investments Co., Ltd., the party indicated in the Korean press articles,” read the release.

It further noted that the ongoing discussions with Mirae have contemplated the sale of Jovian’s approximately 60% interest in the ETF business to Mirae and the purchase of additional shares owned by minority shareholders of the ETF business based on an enterprise value for the ETF business of approximately $150 million CAD.

“If negotiations with Mirae are successful, it is anticipated that a share purchase agreement (which would be subject to numerous conditions, including but not limited to, regulatory and contractual consents and approvals) would be signed in mid-July, with closing contemplated thereafter, if and when such conditions are met,” the company said in its release.

It said Jovian gives no assurance that such negotiations with Mirae will result in agreement on terms of an acquisition, including the price thereof, the entering into of a definitive share purchase agreement or that a transaction would ultimately be completed.

It carried a disclaimer warning investors that the information may contain forward-looking statements relating to the future performance of Jovian Capital Corporation and that undue reliance should not be placed on this information as actual results may differ materially.

The Jovian group of companies includes ETF providers AlphaPro Management, BetaPro Management, Horizons Exchange Traded Funds. staff


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