TORONTO – Manulife Financial Corp. says it plans to buy Standard Life Oversea Holdings Ltd, a subsidiary of Standard Life plc, for $4 billion in cash.
The acquisition by a Manulife subsidiary, The Manufacturers Life Insurance Co., is expected to close in the first quarter of next year.
Manulife president and CEO Donald Guloien says the deal “significantly builds” on the company’s capability of serving customers across Canada and elsewhere in the world from Quebec.
In addition, Guloien said that exluding transition and integration costs, that deal should – after the first year – add three cents per share of earnings over the next three years.
He added that the deal and its financing maintain the company’s strong capital position and would “in no way inhibit our ability to pay dividends.”
- Gas prices surge in some parts of Canada. What’s causing pain at the pumps?
- Roll Up To Win? Tim Hortons says $55K boat win email was ‘human error’
- Ontario premier calls cost of gas ‘absolutely disgusting,’ raises price-gouging concerns
- Netflix beats subscriber targets, but revenue falls short of forecast
Comments