NU Online News Service, Dec. 17, 12:36 p.m. – Sun Life Financial Services of Canada Inc., Toronto, has agreed to acquire Clarica Life Insurance Company, Waterloo, Ontario, through a stock swap with a value of about $4.6 billion in U.S. dollars.
Donald Stewart, chairman of Sun Life Financial, says the proposed deal would create a bigger, stronger company that was better equipped to expand outside Canada.
The combined company would rank first in the Canadian market in the group life, health and retirement markets, Clarica and Sun Life Financial report.
The deal is subject to approval by Clarica shareholders, voting Clarica policyholders, the Canadian Minister of Finance, and other regulators in the United States and Canada.
Clarica has reported $194 million in net income for the first nine months on $2.8 billion in revenue.