Winnipeg-based Great-West Lifeco Inc. (TSX:GWO) said Monday it will not be able close its acquisition of Irish Life Group Ltd. on July 10, as previously announced.
On Monday, the Irish Supreme Court heard arguments involving the recapitalization of the Irish Life & Permanent Group Holdings plc by the Minister for Finance (Ireland) and the related appeal of a previously denied injunction regarding the sale of Irish Life by the Minister. The court has reserved judgment until July 19.
As a result of these developments, the Minister will not be able to close on July 10, as expected.
On Friday, Great-West said all conditions to its acquisition of Irish Life have been satisfied, other than payment of the purchase price.
Great-West says it remains confident and committed to completing the purchase of Irish Life expeditiously.
Great-West is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses.
It has operations in Canada, the United States, Europe and Asia through Great-West Life, London Life, Canada Life, Great-West Financial and Putnam Investments.