Manulife to Acquire Comvest's Private Credit Business from AMG for $285M

Manulife Financial Corporation (NYSE:MFC) is one of the most undervalued Canadian stocks to buy now. On August 6, Affiliated Managers Group Inc. (NYSE:AMG) announced that it agreed to sell its interest in Comvest Partners’ private credit business to Manulife Financial Corporation. The transaction is expected to close in Q4 2025, subject to customary closing conditions.

Affiliated Managers Group, or simply AMG, is set to receive ~$285 million in total cash for the sale. The company will also retain its interest in Comvest’s private equity business, along with an interest in the carry from certain existing private credit funds and a share of Comvest’s invested capital in those funds. AMG will also sell its interest in the AMG Comvest Senior Lending Fund joint venture.

For over 25 years, Comvest Partners has focused on providing capital to North American middle-market companies. The partnership between AMG and Comvest began over 5 years ago. At the start of the collaboration, Comvest’s private credit business had $2 billion in assets under management/AUM, which grew to $14 billion at the time of the acquisition announcement.

Manulife Financial Corporation (NYSE:MFC) provides financial products and services through 3 segments: Wealth & Asset Management Businesses, Insurance & Annuity Products, and Corporate & Other.

Affiliated Managers Group Inc. (NYSE:AMG) is an investment management company that provides investment management services to mutual funds, institutional clients, and high-net-worth individuals in the US.

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Disclosure: None. This article is originally published at Insider Monkey.