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Great-West Lifeco satisfies terms to acquire Irish Life Group

Canadian underwriter Great-West Lifeco has satisfactorily met all conditions related to the acquisition of Irish Life Group, besides €1.3bn consideration.

The acquirer has sent notice to the subscription receipt agent Computershare Trust Company of Canada, about the outstanding subscription receipts of Great-West Lifeco.

Originally inked in February and expected to conclude on 10 July 2013, the acquisition involves exchange of each outstanding subscription receipt for one common share of Great-West Lifeco.

The acquirer inked an agreement with the government of Ireland to acquire Irish Life Group for $1.75bn (€1.3bn) and $1.25bn subscription receipts offering for common stock.

Post acquisition, the acquired entity will be combined with its subsidiary Canada Life (Ireland), while it will retain its brand name Irish Life.

The acquisition of Irish Life, which was established in 1939 and serves over one million customers with €37bn (C$50bn) of assets under management, will boost the acquirer’s business footprint in Europe as well as globally.

Founded in 1903, Canada Life offers life insurance, pension and investment services, to more than 150,000 customers.

Great-West Lifeco operates as a holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses and has operations in Canada, the US, Europe and Asia.