(Bloomberg) — Magic Johnson Enterprises said it completed the acquisition of a controlling interest in EquiTrust Life Insurance Co.
Guggenheim Partners LLC will continue to provide investment-management services for EquiTrust, according to an e- mailed statement that didn’t include terms. Guggenheim no longer owns a stake in the insurer, said Anthony Lacavaro, a spokesman for the New York-based company.
Earvin “Magic” Johnson’s firm, which announced the acquisition last year, also worked with Guggenheim Chief Executive Officer Mark Walter in 2012 to purchase the Los Angeles Dodgers baseball team with a group of investors for more than $2 billion, partially funded through insurancecompanies owned by Guggenheim.