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Tuesday, February 19, 2013

Great-West Lifeco to purchase Irish Life for C$1.75 bln, (TSE: GWO.TO)

Canadian life insurer Great-West Lifeco Inc said on Tuesday it would purchase 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.

Great-West Lifeco Inc. (Lifeco) is a financial services holding company with interests in the life insurance, health insurance, asset management, investment and retirement savings and reinsurance businesses. Shares of GWO traded higher by 1.02% or $0.27/share to $26.78. In the past year, the shares have traded as low as $19.82 and as high as $26.78. On average, 486718 shares of GWO.TO exchange hands on a given day and today's volume is recorded at 0.