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Lloyds Banking Group PLC Announces Sale Of Heidelberger Leben

Wednesday, 21 Aug 2013 02:00am EDT 

Lloyds Banking Group PLC announced that it has signed an agreement to sell its German life insurance business Heidelberger Lebensversicherung AG (Heidelberger Leben or the business) to a joint venture company owned by Cinven Partners LLP and Hannover Rück SE, for a cash consideration of around EUR300 million, or approximately GBP250 million at current exchange rates. The transaction is subject to regulatory approval and is expected to complete in early 2014. 

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0.85 +1.01%
5:02am EDT