Minister for Finance Michael Noonan has confirmed that an agreement of the sale of Irish Life to Great-West Lifeco (Canada Life) has been reached, to the sum of $1.7 billion (€1.3 bn). An additional dividend of €40 million is being paid to the State prior to completion.
The agreement is conditional, most notably on receipt of regulatory approvals, which are customary in a deal of this nature.
Welcoming the agreement, Minister Noonan said the “deal is the first time during this crisis that a company in which we have invested has been returned fully to private ownership. This is a historic transaction and provides the Irish taxpayer with a full return on its investment in Irish Life.
“The Irish economy is entering its third consecutive year of growth, our deficit is on a downward trajectory and we are beginning to attract the levels of investment required to create jobs and to make a full return to the markets.
“Great-West Lifeco’s Irish business, Canada Life (Ireland), is already a significant employer and is the largest Canadian employer in the State. Today’s investment by a company of their stature is a significant vote of confidence in the Irish economy and I am sure that this will lead to further investment.”
The Minister added “Irish Life manages approximately one million policies, with over €37 billion of assets under management and employs 2,200 people in Ireland. The financial strength of Great-West Lifeco will be of great benefit to the life assurance sector in Ireland. I would like to take this opportunity to wish Great-West Lifeco and Irish Life every success in the future.”
Source: MerrionStreet.ie.
3 Comments
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Switch to the desktop site to post a comment.STEVENSTAR | Feb 22, 2013, 09:17 AM EST
MINISTER NOONAN IS THIS THE SAME IDIOT THAT SAID NOTHING EVER CAME OUT OF GREECE ONLY FETS CHEESE.. I MEAN IT EMBARRASSES ME AS AN IRISHMAN,IE BORN IN IRELAND LIVE IN IRELAND AND HAVE AN IRISH PASSPORT.. WHO CANT FIGURE OUT HOW THIS IDIOT GOT THE JOB OF MINISTER FOR FINANCE OF A COUNTRY WITH 4.5 MILLION PEOPLE .. ITS BETTER THEN ANY IRISH JOKE IVE EVER HEARD !!
seanomelb | Feb 20, 2013, 06:08 PM EST
mergers always mean job losses.If I worked at Irish life I'd be worried.
TisEyerish | Feb 20, 2013, 10:34 AM EST
I worked for Great-West when they had their healthcare insurance division in the United States. Eventually, they sold to Aetna. It was all done on the QT, although most of the employees sensed something in the works. The day we were let go (my 61st birthday and two days before Thanksgiving), we were given 20 minutes to clean out our desks and be escorted out the door. I begged for a little more time for those of us leaving, so we could at least say goodbye to our friends. There were many tears that day. The way the company handled it was absolutely terrible. For that reason, I have absolutely no respect for Great-West.