WSJ.com: What's News Europe
Merrill Lynch's sale of two life-insurance units to Dutch insurance and investment-products provider Aegon has closed, with the $1.25 billion pricetag being $50 million less than the two parties agreed to in August.
MarketWatch.com - MarketPulse
LONDON (MarketWatch) -- Merrill Lynch on Monday completed a previously announced deal with Aegon , where it's selling its life insurance unit for $1.25 billion in cash. Aegon's Transamerica companies will continue to supply insurance and investment products, including offering the flagship Merrill Lynch Investor Choice Annuity product through the acquired Merrill Lynch subsidiaries. Merrill Lynch expects to record a gain on sale during the fourth quarter of 2007 and anticipates the transaction to be slightly accretive to earnings per share and to have a positive effect on return on equity in 2008 after redeployment of proceeds. Aegon expects the acquisition to add scale to its existing business and to have a marginally positive effect on earnings per share.