March 30 (Reuters) - Canada's Sun Life Financial said on Monday it had completed an acquisition of the remaining stakes in BGO and Crescent Capital that it did not already own.
The insurer paid C$1.59 billion ($1.14 billion) for the remaining 44% interest stake in real estate investment management advisor BGO and C$829 million for the remaining 49% stake in alternative credit investment manager Crescent.
Before the transaction, Sun Life owned a majority in both companies. It formed BGO in 2019 through the merger between Bentall Kennedy and GreenOak, holding a 56% stake in the combined company. The insurer took a 51% stake in Crescent for C$450 million in 2021.
The transactions will result in a roughly C$236 million charge to Sun Life's first-quarter reported net income, the company said.
($1 = 1.3924 Canadian dollars)
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Anil D'Silva and Leroy Leo)
