Discovery To Buy UK's Standard Life For $209M

Law360, New York (May 11, 2010, 1:45 PM EDT) -- South African insurance provider Discovery Holdings Ltd. said Tuesday it would buy a health insurance unit of Scottish financial services company Standard Life Group for 1.56 billion rand ($209 million) to gain a greater foothold in the U.K.

Discovery said it would fund the entire purchase of Standard Life Healthcare UK. That company, worth 1.1 billion rand, is the U.K.'s fourth-largest medical insurer, with about 8 percent of the market share and 490,000 estimated members.

Discovery, one of South Africa's largest insurers, said it was making...
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