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Canada Life Group To Acquire Financial Services Provider

Robbie Lawther, Reporter, London, 25 August 2017

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The financial terms of the transaction were not disclosed.

Canada Life Group UK has reached an agreement to acquire financial services provider Retirement Advantage. The financial terms of the transaction were not disclosed.

The transaction is expected to be completed in the fourth quarter of 2017 and is subject to customary regulatory approvals, the firm said in a statement. 

Regulatory approval is likely to take between three and six months, during which time it will be business as usual for the companies and their customer service. 

“This transaction reaffirms our organization’s commitment to the United Kingdom and will further strengthen Canada Life’s position as a leading insurer in the UK,” said Paul Mahon, president and chief executive of Great-West Lifeco, an international financial services company that wholly owns the Canada Life Group UK.
 
Retirement Advantage was created in 2015 when funds managed by TDR Capital merged the retirement income and equity release divisions of MGM Advantage and Stonehaven. 

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