(Alliance News) - Phoenix Group Holdings PLC announced on Monday the completion of the Sun Life of Canada UK Ltd acquisition from Sun Life Financial Inc.
The London-based insurance services provider acquired SLF of Canada UK, or Sun Life UK, for GBP248 million.
Sun Life UK is a life insurer based in Toronto.
Phoenix previously said the acquisition, which would be fully funded from existing cash resources, is expected to deliver around GBP470 million of incremental long-term revenue. Around 30% of this is expected within the first three years.
Phoenix had also said that the acquisition of the company will enhance and diversify its capabilities in North America.
Phoenix shares were up 0.1% at 547.10 pence in London on Monday morning.
By Sabrina Penty; Alliance News reporter
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Phoenix Group Holdings (PHNX)