Unum Group entered into a definitive agreement to acquire Pramerica Zycie Towarzystwo Ubezpieczen I Reasekuracji Spolka Akcyjna from Prudential International Insurance Holdings, Ltd.
January 22, 2018
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Unum Group (NYSE:UNM) entered into a definitive agreement to acquire Pramerica Zycie Towarzystwo Ubezpieczen I Reasekuracji Spolka Akcyjna from Prudential International Insurance Holdings, Ltd., on January 23, 2018. Pursuant to acquisition, Pramerica Zycie will remain a standalone business reporting to Unum's UK President and Chief Executive Officer Peter O'Donnell. The transaction is subject to regulatory approvals and customary closing conditions. As on March 20, 2018, Polish Competition and Consumer Protection Office approved the transaction. The transaction is expected to close by the end of the year. The acquisition will not alter Unum's earnings or capital management outlook for 2018, nor does it change Unum's overall capital management strategy of investing in its business while also returning capital to shareholders through share repurchases and dividends. It is expected to be neutral to accretive to Unum's earnings per share in 2018.
PricewaterhouseCoopers Corporate Finance LLC acted as financial advisor to Unum while Deutsche Bank acted as financial advisor to Prudential Financial, Inc., parent of Prudential International Insurance Holdings. Marcin Bartnicki, Tomasz Derda, Grzegorz Nowaczek, Joanna Kaminska, Krzysztof Hajdamowicz, Marta Bieniada, Marta Zuralska, Aleksandra Wlaszczuk, Joanna Pominkiewicz, Aleksandra Ulatowska and Zuzanna Potoczna of Clifford Chance US LLP acted as the legal advisors for Prudential International Insurance Holdings, Ltd. Christopher Southorn, Rizwan Rahman and Laura Lucy of CMS acted as legal advisor to Unum Group.
Unum Group is a provider of workplace benefits and services. The Company provides financial protection benefits in the United States and the United Kingdom (UK). Its products include disability, life, accident, critical illness, dental and vision, and other related services. The Company has three segments: Unum US, Unum International, and Colonial Life. Its Unum US segment comprises group disability, group life and accidental death and dismemberment, and supplemental and voluntary lines of business. Its Unum International segment includes its operations in the UK and Poland. Unum UK's business includes insurance for group long-term disability, group life, and supplemental lines of business which include dental, individual disability, and others. Unum Poland's business includes insurance for individual and group life with accident and health riders. Its Colonial Life segment includes accident, sickness, and disability products, life products, and cancer and critical illness products.
Unum Group entered into a definitive agreement to acquire Pramerica Zycie Towarzystwo Ubezpieczen I Reasekuracji Spolka Akcyjna from Prudential International Insurance Holdings, Ltd.