Desjardins Buys Guardian to Create $203 Billion Fund Manager

Desjardins Group will take Guardian Capital Group Ltd. private in a C$1.7 billion ($1.2 billion) all-cash deal, bolstering the Quebec cooperative’s position in the global asset management business.

Desjardins is offering C$68 per share for Guardian, a 66% premium over the last closing price of the Class A shares. The stock soared as much as 64% after the open in Toronto on Thursday, reaching a record intraday high.

The acquisition is “a big leap for us,” Nicolas Richard, head of Desjardins’ asset management arm, said in an interview. “We’re predominantly focused on Quebec, but joining forces with Guardian will ...