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Great-West Lifeco Inc Closes $1.25 Billion In Offerings-Canada Stockwatch News


Tuesday, 12 Mar 2013 09:43am EDT 

Canada Stockwatch News reported that Great-West Lifeco Inc. has completed its previously announced bought deal offering of 25.3 million subscription receipts at a price of $25.70 per subscription receipt for gross proceeds of approximately $650 million. Concurrently with the closing of the public offering, Great-West Lifeco completed private placements of 21.41 million subscription receipts to a subsidiary of Power Financial Corp. and 1.95 million subscription receipts to a subsidiary of IGM Financial Inc., at a price of $25.70 per subscription receipt, for gross proceeds of approximately $600 million. The proceeds of the offering and the concurrent private placements will be held in escrow pending the completion of Great-West Lifeco's previously announced acquisition of all of the shares of Irish Life Group Ltd. The acquisition is expected to close in July of 2013, and is subject to customary regulatory approvals, including approvals from the European Commission under the EU Merger Regulation, and certain closing conditions. 

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