M and A
Canada Life Group To Acquire Financial Services Provider
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.
