1 Min Read
Feb 19 (Reuters) - Canadian life insurer Great-West Lifeco Inc said on Tuesday it would buy Irish Life Group Ltd for C$1.75 billion ($1.73 billion).
Irish Life, formerly the life insurance arm of bailed out Irish Life & Permanent, was taken over by the state after a planned sale of the unit was suspended in 2011.
A source familiar with the negotiations told Reuters in December that Canada Life, a unit of Canadian life insurer Great-West Lifeco, was close to buying Irish Life.
The transaction is expected to close in July, Great-West Lifeco said.