(Bloomberg) -- Great-West Lifeco Inc. said it will buy Ark Life Assurance Co. through its Irish Life unit for 230 million euros ($271 million) in cash.
The acquisition, which is subject to regulatory approval, would move about 150,000 policies and $2.5 billion in assets to Irish Life. Great-West and the seller, Phoenix Group Holdings Plc, expect to close the deal by early 2022.
“As a leading provider of life insurance, pensions and investments in Ireland, this acquisition adds significant scale to Irish Life's retail division,” said Great-West Chief Executive Officer Paul Mahon said in a statement.
Ark Life, which is closed to new business, offers pensions, savings and protection policies. Irish Life has about 1.4 million customers.
”Our ambition is to grow our business both organically and through acquisitions where we see a strong commercial and cultural fit,” Irish Life CEO Declan Bolger said. “Our existing relationship with Ark Life means we are ideally placed to continue to offer excellent customer service for policy holders, including access to enhanced digital services.”
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