Morgan Stanley makes biggest buy since financial crisis

Morgan Stanley to buy Canadian employee stock manager Solium for $1.1 billion — a 43% premium

Morgan Stanley first began a partnership with Solium in 2016 to administer equity compensation plans for corporate clients and employees. This combination will create a leading provider of stock plan administration services and Workplace Wealth.

US bank Morgan Stanley has signed a deal to buy Calgary-based Solium Capital Inc.in a cash deal valued at about $1.1 billion.

Solium's cadre of investors could then opt for Morgan Stanley financial advisors "as plan participants build their wealth and their needs become more complex", the companies said in a statement.

Marcos Lopez, CEO of Solium, will remain with the company and be based in Calgary.

"Most people's money is coming through their workplace, so it's an obvious place for us to be", Morgan Stanley chief executive James Gorman said in a statement.

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The transaction is expected to have minimal impact on Morgan Stanley's earnings and capital ratios.

Morgan Stanley will pay 19 Canadian dollars a share for the firm.

This morning, Solium Capital announced it had entered into a definitive arrangement agreement with Morgan Stanley under which Morgan Stanley, through a wholly owned subsidiary, would acquire SUM, subject to shareholder approval.

Solium, which manages the stock that employees receive in their pay packets, has 3000 stock plan clients, including Strauss, Shopify, Stripe and Instacart and provides share plan administration to around one million participants.

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