Manulife to buy Standard Life's Canadian assets for $3.7 bln

Wed Sep 3, 2014 4:58pm EDT
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TORONTO, Sept 3 (Reuters) - Manulife Financial Corp said on Wednesday it has agreed to acquire the Canadian operations of Standard Life Plc for about C$4 billion ($3.7 billion) in cash, in a bid to expand its insurance and asset management portfolio across Canada and especially within the province of Quebec.

The Toronto-based insurer said the transaction builds on an already established and successful wealth and asset management partnership with Standard Life.

The closing of the deal is subject to regulatory approvals and approval of shareholders of Standard Life. The deal is expected to close in the first quarter of 2015.

(1 US dollar = 1.0885 Canadian dollar) (Reporting by Euan Rocha; Editing by Leslie Adler)