Skadden Aids Guggenheim's $1.4B Sun Life Annuity Unit Buy

Law360, New York (December 17, 2012, 1:46 PM EST) -- Sun Life Financial Inc. will sell its U.S. annuity and some life insurance businesses to a unit of investment group Guggenheim Partners LLC for $1.35 billion, the major Canadian insurer said Monday.

The move comes about a year after Sun Life said it would halt sales of annuity products in the U.S., along with some individual insurance offerings. Reports had swirled in Canadian media two months ago that Sun Life was recruiting and vetting potential suitors.

In the transaction, the acquired segments — including Sun Life’s...
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