February 19, 2013 / 1:22 PM / in 5 years

Great-West Lifeco to buy Irish Life for C$1.75 bln

Feb 19 (Reuters) - Canadian life insurer Great-West Lifeco Inc said on Tuesday it would buy Irish Life Group Ltd for C$1.75 billion ($1.73 billion).

Irish Life, formerly the life insurance arm of bailed out Irish Life & Permanent, was taken over by the state after a planned sale of the unit was suspended in 2011.

A source familiar with the negotiations told Reuters in December that Canada Life, a unit of Canadian life insurer Great-West Lifeco, was close to buying Irish Life.

The transaction is expected to close in July, Great-West Lifeco said.

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