Winnipeg-based Great-West Lifeco Inc. (GWO) announced Thursday that its European subsidiary The Canada Life Group (U.K.) Ltd. has reached an agreement to acquire U.K.-based financial services provider Retirement Advantage.

Retirement Advantage was originally developed in 2015 when funds managed by TDR Capital LLP merged the retirement income and equity release divisions of MGM Advantage Life Ltd. and Stonehaven UK Ltd.

As of June 30, the company had over 30,000 pension and equity release customers, and more than $3,212 billion (in Canadian dollars) of assets under management including a $2,409 billion block of in-force annuities.

“This transaction reaffirms our organization’s commitment to the United Kingdom and will further strengthen Canada Life’s position as a leading insurer in the U.K.,” says Paul Mahon, president and chief executive officer of GWO, in a statement.

Adds Doug Brown, executive vice president and chief executive officer at Canada Life U.K.: “Canada has operated in the U.K. since 1903 and is a highly regarded provider of retirement income, investment and employee protection solutions. This transaction enhances our position and broadens our product suite to include equity release mortgages.”

Firms predict the transaction will close during the fourth quarter of 2017. The acquisition is expected to be earnings accretive but without a material impact on GWO’s financial results.