Dublin-based Irish Life Group Ltd., a subsidiary of Winnipeg-based Great-West Lifeco Inc., will acquire Dublin-based Aviva Health Insurance Ireland Ltd. and increase its ownership of Dublin-based GloHealth Financial Services Ltd. to 100% from 49%.
Once the acquisition is completed, Aviva and GloHealth will be combined into one company.
“As Ireland’s leading provider of life insurance, pensions and investments, Irish Life will further grow its business by now providing market leading health insurance solutions,” says Paul Mahon, president and CEO of Great-West Lifeco, through a statement released Wednesday. “This transaction demonstrates our commitment to Ireland, and to our ongoing growth and expansion there.”
The combined businesses will provide a broad selection of health care insurance products to a customer base of more than 400,000 clients. Irish Life’s new venture will also benefit from access to global expertise as part of Great-West Lifeco’s group of companies, notes Mahon.
The transaction is subject to regulatory approvals and is expected to be completed in the third quarter of 2016. Financing for the acquisitions will be provided internally and terms of the deals will not be disclosed.