Marsh & McLennan Companies Inc. said today that it completed the sale of Putnam Investments to Great-West Lifeco Inc., a financial services holding company controlled by Canada-based Power Financial Corp.
New York-based MMC, the parent company of insurance broker Marsh, said under terms of the agreement, MMC sold Putnam Investments to Great-West Lifeco for $3.9 billion in cash. After accounting for taxes and minority interest, MMC said it will net approximately $2.5 billion in cash from the deal.
MMC said management will discuss the transaction in more detail during its second-quarter conference call with analysts scheduled for Aug. 7. The firm added it would discuss its plans for the money at that time.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
