Winnipeg-based Great-West Lifeco Inc. (TSX:GWO) said Friday that all conditions to its acquisition of Irish Life Group Ltd. have been satisfied, other than the payment of the €1.3 billion ($1.8 billion) consideration.
The acquisition is expected to be completed on July 10.
The deal was first announced in February. (See Investment Executive, Deal gives GWL one million new clients, March 2013)
Irish Life provides life insurance, pension management and investment services to more than one million customers — including about 800,000 individual policy holders.
Great-West Lifeco has provided notice to Computershare Trust Company of Canada, the subscription receipt agent in respect of Great-West Lifeco’s outstanding subscription receipts, of the satisfaction of all conditions to the release from escrow of the funds from the issuance of the subscription receipts. Upon closing of the Irish Life Group acquisition, each outstanding subscription receipt will automatically be exchanged for one common share of Great-West Lifeco.
Great-West Lifeco Inc. 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.
Great-West Lifeco and its companies have $582 billion in assets under administration and are members of the Power Financial Corp. group of companies.
($1 = €0.96)