Standard Life PLC is selling its Canadian business to Manulife for $4-billion.
The sale includes Standard Life’s long-term savings and retirement business, individual and group insurance business, and investment management business.
Standard Life said the move is a “major step” in a strategy designed to reduce exposure to the spread/risk income associated with insurance while focusing on fee-based investment management.
“Several months ago, Standard Life decided to explore the sale of its Canadian operations through a competitive process,” said Donald Guloien, Manulife’s chief executive. “We are delighted to be named the successful bidder.”
He said the transaction and the financing required to fund it will “in no way inhibit” Manulife’s ability to pay dividends.
More to come…
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