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Article: Life office goes to pub investors.(HHG PLC announced that it will be renamed Henderson Group)(Brief Article)
- Article from:
- Financial Advisor
- Article date:
- December 16, 2004
CopyrightCOPYRIGHT 2004 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HHG has sold its life office arm Life Services to a private equity company best known for investing in pub chains.
HHG's closed UK life funds -- including Pearl, NPI, National Provident Life and London Life -- have been bought for AGBP1.025bn by Sun Capital Partners, an investment company co-founded by entrepreneur Hugh Osmond.
Subject to regulatory approval, the deal means 4.8m policies, representing liabilities backed by assets of AGBP26bn, will be owned by the Life Company Investor Group, a new company formed by Sun Capital Partners and TDR Capital.
Following the announcement HHG, which still owns ...