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TORONTO - Manulife Financial Corporation (TSX:MFC) announced Monday it has finalized its acquisition of a 75% stake in Comvest Credit Partners, establishing a new private credit asset management platform. The insurance giant, with a market capitalization of $54.74 billion, continues to strengthen its position as a prominent player in the financial services industry.
The transaction, first announced on August 6, combines Comvest’s leadership with Manulife’s global scale to create "Manulife | Comvest Credit Partners," which will provide private credit solutions to both sponsored and non-sponsored companies.
"We are excited to officially welcome the Comvest team to Manulife," said Manulife President and Chief Executive Officer Phil Witherington. "The transaction scales and enhances our private market platform and is immediately accretive to core EPS, core ROE and core EBITDA margin."
Comvest employees will retain a 25% interest in the business, with Manulife having a path to full ownership six years after closing. The company noted that this structure provides alignment between the organizations. According to InvestingPro data, Manulife currently trades at a P/E ratio of 14.59, suggesting it’s undervalued relative to its near-term earnings growth potential.
The deal expands Manulife’s Global Wealth & Asset Management segment, which manages more than $900 billion in assets. According to the company, the combined platform will leverage Manulife’s global distribution network alongside Comvest’s expertise to deliver returns across market cycles.
The transaction does not include Comvest Partners’ private equity strategy, Comvest Investment Partners, which remains separate from the agreement.
Manulife Financial Corporation operates globally under the Manulife brand in Canada, Asia, and Europe, and primarily as John Hancock in the United States. The company is listed on the Toronto, New York, and Philippine stock exchanges as "MFC" and under "945" in Hong Kong.
This information is based on a press release statement from Manulife Financial Corporation.
In other recent news, Manulife Financial reported its Q2 2025 earnings, showing a slight miss on earnings per share, with an EPS of $0.6908 compared to the forecast of $0.7058. Despite this, the company experienced strong net income growth. UBS has initiated coverage on Manulife Financial with a Buy rating, citing potential growth in the company’s Asia business and Global Wealth and Asset Management segment. The investment bank projects a 3% upside to 2026 earnings estimates and an 8% upside to 2027 estimates. Additionally, Manulife Financial’s President and CEO, Phil Witherington, is scheduled to speak at the upcoming Scotiabank Financials Summit. The event will be available via a live webcast and replay on the company’s Investor Relations website. These developments highlight ongoing strategic and financial activities within Manulife Financial.
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