Great-West Lifeco Inc. and Canada Life Financial Corp. announced Thursday that GWL has completed its acquisition of Canada Life.

GWL paid approximately: $4.2 billion in cash; 56 million GWL common shares; 24 million GWL Series E 4.80% preferred shares; 8 million GWL Series F 5.90% preferred shares, to holders of Canada Life Financial common shares.

Commencing on July 15, cheques and certificates representing the cash and GWL common and preferred shares issuable pursuant to the transaction will begin to be provided to former Canada Life shareholders entitled thereto in accordance with the delivery instructions set out in the election forms.

GWL has transferred all of the common shares of Canada Life Financial Corp. acquired, to its Canadian subsidiary, The Great-West Life Assurance Co., which holds all of the shares of Canada Life Financial Corp.

GWL also announced that it has completed the previously announced private placement issuance of 21,301,523 (approx. $800 million) common shares from treasury to a subsidiary of Power Financial Corp. and 2,662,690 (approx. $100 million) common shares to Investors Group Inc. in support of this transaction.