Allstate unit said to be pursued by Resolution, TPG, JC Flowers.
M2 EQUITYBITES-June 14, 2013-Allstate unit said to be pursued by Resolution, TPG, JC Flowers(C)2013 M2 COMMUNICATIONS http://www.m2.com
14 June 2013 - Lincoln Benefit Life Co, the life annuity business of US insurer Allstate Corp (NYSE:ALL), has attracted bidders including UK financial services provider Resolution Group and buyout firms TPG Capital LP and JC Flowers & Co LLC, two insiders told Reuters.
The private equity firms are bidding jointly, the informed sources said, adding that the sale process is being managed by Goldman Sachs Group Inc (NYSE:GS).The pair had also took part in the bidding for the Sun Life unit of Canadian Sun Life Financial Inc (TSE:SLF) in December, but that auction was won by Delaware Life Holdings, Reuters sources said back then.
Lincoln Benefit Life Co could be worth between USD500m (EUR375.1m) and USD900m in a sale, one of the people told the news agency.None of the mentioned companies made a comment to Reuters.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jun 14, 2013|
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