Sidley Reps Athene In $628M RBC Unit Purchase

Law360, New York (October 22, 2010, 3:03 PM EDT) -- Royal Bank of Canada has struck a deal to unload its Liberty Life Insurance Co. in a $628.1 million sale to Athene Holding Ltd., shedding the U.S. unit for less than RBC paid to scoop it up in 2000.

RBC said Friday that it will suffer a loss on the sale of about $405 million under U.S. generally accepted accounting principles and another hit of about $115 million under Canadian GAAP.

The deal is still subject to regulatory approval, and the companies said they expect it...
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