Sun Life Financial Services of Canada Inc. today announced the closing of the sale of 11 million common shares.

The transaction raised $330 million, which is to be used as a portion of the financing for the acquisition of Keyport Life Insurance Company and Independent Financial Marketing Group, Inc..

Keyport is a Boston-based specialty insurance company providing a diversified line of fixed, indexed and variable annuity products in the United States As at June 30, 2001, Keyport had US$19 billion in assets under management.

IFMG is a leading third-party marketer of insurance and investment products to retail customers through banks in the U.S.

The offering was sold through a syndicate of underwriters jointly led by Morgan Stanley & Co. Incorporated and RBC Dominion Securities Inc.