22nd Sep 2014 07:59
LONDON (Alliance News) - Financial services company Charles Taylor PLC Monday said it has entered into a deal to buy Nordea Life & Pensions Ltd from Nordea Life & Pensions SA, Luxembourg for EUR2.5 million.
The Isle of Man-based business will be acquired through Charles Taylor's LCL International Life Assurance Company Ltd business, itself based on the Isle of Man.
Charles Taylor said the acquisition is in line with its strategy of making acquisitions in the international life insurance sector and to grow its Isle of Man life insurance business.
The company said the initial consideration for the acquisition was EUR2.5 million, though this is subject to the final amount of a pre-completion dividend. Charles Taylor said the initial consideration will be met via existing cash resources.
A post-completion adjustment will apply, dependent upon net asset value at completion, Charles Taylor said, adding that Nordea Life & Pensions Ltd's net assets are expected to be EUR5.5 million after the pre-completion dividend.
Future payments linked to management charge levels, Charles Taylor, with up to a maximum of EUR3.9 million due over two years.
The group said the gross assets of Nordea Life & Pensions were EUR803 million at August 2014.
Charles Taylor shares were down 0.3% to 243.37 pence on Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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