Great-West Lifeco Inc.’s European subsidiary, Canada Life Group, has reached an agreement to acquire Legal & General International (Ireland) Ltd. (LGII).
Financial terms of the deal were not disclosed.
Dublin-based LGII provides investment and tax-planning solutions, primarily focused on the high-net-worth market in the United Kingdom.
Read: Great-West Lifeco assets under administration top $1 trillion
LGII has more than 4,000 U.K. offshore bond policies with assets under administration of £2.5 billion (C$4.74 billion), as of Oct. 30, 2014.
“The proposed transaction will enhance the position of Canada Life in the U.K. and give clients and professional advisers further confidence in our U.K. offshore business,” says Paul Mahon, president and CEO of Great-West Lifeco.
The transaction is expected to close in the second quarter of 2015 and is subject to customary regulatory approvals, including approvals from the European Commission under the EU Merger Regulation, and certain closing conditions.
Also read: