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BRIEF-Friends Life Group to sell stake in Lombard International Assurance, Insurance Development Holdings for 449 mln euros
July 11, 2014 / 6:31 AM / in 3 years

BRIEF-Friends Life Group to sell stake in Lombard International Assurance, Insurance Development Holdings for 449 mln euros

July 11 (Reuters) - Friends Life Group Ltd :

* Disposal and proposed share buy-back

* Disposal of entire share capital of its wholly-owned subsidiaries Lombard International Assurance S.A. and Insurance Development Holdings AG

* Disposal of Lombard to Blackstone for an initial consideration of 317 million pounds (399 million euros) subject to anti-trust and regulatory approvals

* Total consideration of up to 356 million pounds (449 million euros) based on an additional contingent element

* Intention to return 261 million pounds (329 million euros) to shareholders via a share buy-back programme to commence upon completion

* Completion expected to occur in second half of 2014 Source text for Eikon: Further company coverage:

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