Winnipeg-based Great-West Lifeco Inc. (GWL) announced on Friday that its subsidiary, Irish Life Group Ltd., has reached an agreement to acquire a strategic holding in Invesco Ltd. (Ireland).
Terms of the transaction were not disclosed.
Invesco currently has over 125 employees and manages the corporate pension plans of over 275 large corporations in Ireland, along with over 500 small- and medium-sized companies.
Invesco will continue to operate as an independent consultancy firm under its existing brand and with the same management team.
“Irish Life is the leading provider of life insurance, pensions and investments in Ireland and we are pleased to extend our position further with this strategic investment in Invesco,” says Paul Mahon, president and CEO of Great-West Lifeco, in a statement.
The acquisition is subject to regulatory approval and customary closing conditions, and is set for completion in the third quarter of 2018.
The transaction is expected to be earnings accretive, although not material to Great-West Lifeco’s financial results.