OTTAWA (dpa-AFX) - Guardian Capital Group Limited (GCG.TO, GCG.A.TO)
announced Friday its agreement to buy Sterling Capital Management LLC from
Truist Financial Corp. (TFC).

Under the deal, Guardian's unit Guardian Capital LLC will make the purchase for
$70 million, subject to customary purchase price adjustments, and future
earn-out incentives.

The transaction is anticipated to close in the second quarter, subject to normal
consents and approvals.

Guardian plans to operate Sterling as a standalone entity, led by the current
team of management and senior professionals, providing continuity, stability and
continued excellence for Sterling clients.

Charlotte, North Carolina-based Sterling provides investment advisory services,
and had approximately $76 billion in assets under management and advisement as
of December 31, 2023. Sterling invests on behalf of a broad range of
institutional and individual investors through separate accounts, model
portfolios, and commingled vehicles, including mutual funds.

In the deal, Cambridge International Partners LLC served as Guardian's financial
advisors. BofA Securities acted as exclusive financial advisor to Truist.



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