Great-West Lifeco Inc. and Canada Life Financial Corp. say the integration of the two companies is expected to take 18 to 24 months now that they have received all necessary regulatory approvals from Ottawa to proceed with their merger.

The transaction is expected to close July 10.

The companies said they have also received regulatory approvals from insurance and competition authorities in the U.K., Ireland, and the European Economic Community. Approvals have also been received from the competition authorities in the U.S., from the State of Michigan and from Puerto Rico.

Integration teams comprised of staff from each company have begun reviewing operations at Canada Life, Great-West and London Life.

“Improvements in competitiveness will be achieved through the elimination of redundancies, improvements to systems and work processes, enhanced purchasing power and the restructuring of operating units,” the companies said in a news release. “In the short term this will result in job reductions and transfers.”

The companies said they try to minimize the job losses through attrition, an early retirement program, hiring freezes that are already in place; and by giving priority consideration for staff whose roles are affected by the integration, for new job opportunities that arise across the three companies, as well as at sister companies, Investors Group and Mackenzie Financial Corp. A generous severance plan will be offered, including personal assistance, relocation and retraining programs.

“We will treat people with fairness and respect,” Raymond McFeetors, president and CEO of Great-West Life and its subsidiary, London Life, said.

Great-West’s head office will remain in Winnipeg, London Life’s head office will remain in London, Ont., and Canada Life’s head office will remain in Toronto.