BMO To Acquire Burgundy Asset Management For ~$625M Payable In BMO Common Shares

• Expands BMO's wealth management and financial planning capabilities focused on high-net-worth and ultra-high-net-worth individuals, families and institutions

TORONTO, June 19, 2025 /PRNewswire/ - BMO (TSX:BMO) (NYSE:BMO) and Burgundy Asset Management Ltd. today announced the signing of a definitive agreement for BMO to acquire Burgundy Asset Management Ltd. Burgundy is a leading independent wealth manager, providing discretionary investment management for private clients, foundations, endowments, pensions and family offices with approximately $27 billion in assets under management, as of May 31, 2025.

The acquisition of Burgundy will be an expansion of BMO Wealth Management and strengthen BMO's offering in the Canadian Investment Counsel space catering to high-net-worth and ultra-high-net-worth clients. BMO was recently recognized for its longstanding commitment to meeting its clients' unique needs, being named Canada's Best Private Bank for Ultra-High-Net-Worth clients according to the Euromoney Private Banking Awards. The transaction is expected to close by the end of calendar 2025, subject to customary closing conditions including regulatory approvals.

BMO will acquire Burgundy for a purchase price of approximately $625 million, payable in BMO common shares, including a $125 million holdback to be paid subject to Burgundy maintaining certain assets under management 18 months post-closing. An earn-out component may also be paid in the future based on the achievement of certain growth targets.