Financial Services Industry
Industry: Email Alert RSS FeedSun Life Scoops Up Keyport, IFMG From Liberty Financial.(Sun Life Financial Services of Canada Inc. to acquire Keypor Life Insurance Co., Independent Financial Marketing Group)(Brief Article)
National Underwriter Life & Health-Financial Services Edition, May, 2001 by Bell, Allison
Sun Life Financial Services of Canada Inc., Toronto, has agreed to acquire Keyport Life Insurance Company and Independent Financial Marketing Group from Liberty Financial Companies Inc., Wellesley Hills, Mass., for $1.7 billion.
Sun Life says it will use a combination of cash and stock to pay for the deal.
Sun Life hopes to get the approvals it needs from U.S. regulators, Canadian regulators and Liberty Financial shareholders to complete the deal by Sept. 30.
Keyport Life, Boston, is a major issuer of fixed and variable annuities, and IFMG, Purchase, N.Y., distributes annuities and mutual funds to U.S. banks. Together, the companies generated $6 billion in 2000 sales.
Sun Life already owns MFS Investment Management Inc., Boston, a...
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