Ninepoint Partners LP entered in an agreement to acquire Sprott Private Wealth LP and Sprott Asset Management, LP from Sprott Inc. (TSX:SII) for CAD 46.3 million on April 10, 2017. The purchase consideration is subject to final working capital adjustments and includes assumption of certain liabilities. The consideration for Sprott Asset Management is CAD 41.3 million while that for Sprott Private Wealth is CAD 5 million. On or prior to the closing, Sprott Inc. will shall cause Sprott GenPar Ltd. to transfer all of its interests in and rights to the included funds to, or as directed by, the buyer. The sellers and the buyer have received a commitment letter from a qualified third party who has agreed to provide financing for the purchase price for the assets totaling an aggregate amount of not less than CAD 50 million (subject only to the conditions of the transactions). Buyer may be required to pay the seller the amount of CAD 5 million or CAD 1 million as fee in the event of termination of the transaction under certain circumstances. The seller may be required to pay a fee of CAD 5 million to the buyer in the event of termination under certain circumstances. Upon closing of acquisition of Sprott Asset Management, buyer will become the investment fund manager and portfolio manager of the included funds. Sprott Asset Management will be appointed sub-advisor for certain of the included funds pursuant to sub-advisory agreements to be entered into between the buyer and Sprott Asset Management. For those included funds not subject to a sub-advisory agreement, the individuals currently principally responsible for the management of the included funds will continue to advise the funds as employees of the buyer. Sprott Inc.’s headcount will be reduced by 50% to approximately 100 employees. Sprott will retain all management contracts for its exchange-listed products business and the entire team managing Sprott Physical Trusts and ETFs will remain intact. Sprott will retain the management contracts for its institutional precious metals strategies and the Sprott Asset Management precious metals investment team will remain with Sprott Inc. Completion of the transaction is subject to regulatory approval, approval of security holders of each included fund and customary closing conditions. The security holders approved the transaction at special meetings held on June 30, 2017 and July 7, 2017. Regulatory approval was also obtained. It is expected that the acquisition of Sprott Asset Management shall be completed in the third quarter of 2017, while the acquisition of Sprott Private Wealth is expected to be completed in the fourth quarter of 2017. On August 1, 2017, the acquisition of Sprott Asset Management was completed. The acquisition of Sprott Asset Management is not expected to have any material impact on the business, operations or affairs of the included funds. TD Securities Inc. acted as financial advisor for Sprott Inc. Sonia Yung of Baker & McKenzie LLP acted as legal advisor for Sprott Asset Management, Sprott Private Wealth and Sprott Inc. Lynn McGrade, Whitney Bell and Philippe Tardif of Borden Ladner Gervais LLP acted as legal advisors to Sprott, Inc. Walied Soliman of Norton Rose Fulbright Canada LLP acted as legal advisor to Ninepoint Partners LP. Dan Gagnier of Gagnier Communications and Corey Goldman of Goldman Communications Inc. of acted as public relations contacts on the deal for Sprott Inc. Ninepoint Partners LP completed the acquisition of Sprott Private Wealth LP and Sprott Asset Management, LP from Sprott Inc. (TSX:SII) on January 29, 2018.