AEGON and Merrill Lynch Announce Strategic Relationship; AEGON to Acquire Merrill Lynch Life Insurance Companies.
PR Newswire Europe, August, 2007
THE HAGUE, The Netherlands, August 13 /PRNewswire/ -- AEGON (AEX: AGN; NYSE: AEG) and Merrill Lynch (NYSE: MER) today announced they will form a strategic business relationship in the areas of insurance and investment products. As part of this relationship, an AEGON company has signed an agreement to acquire Merrill Lynch Life Insurance Company and ML Life Insurance Company of New York for USD 1.3 billion in cash. The purchase price includes excess surplus of approximately USD 425 million. The transaction is expected to close before the end of the fourth quarter of 2007, subject to customary regulatory approvals and closing conditions.
Merrill Lynch will continue to serve the insurance needs of its clients through its core distribution and advisory...
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