- Release Date: 30/11/12 18:43
- Summary: ASSET: TWR: TOWER confirms health insurance sale
- Price Sensitive: No
- Download Document 1.66KB
TWR 30/11/2012 16:43 ASSET REL: 1643 HRS Tower Limited ASSET: TWR: TOWER confirms health insurance sale 30 November 2012 Media Release Market Information NZX Limited Level 2, NZX Centre 11 Cable Street Wellington New Zealand Company Announcements Office Australian Stock Exchange Limited Exchange Centre Level 6, 20 Bridge Street Sydney NSW 2000 AUSTRALIA TOWER confirms health insurance sale TOWER Limited has confirmed the sale of its health insurance business to Australian private health insurer nib holdings limited for approximately NZ$103.1 million. The sale of TOWER Medical Insurance Limited was announced on 2 November, following a strategic review of TOWER Group's business. TOWER Group Managing Director Rob Flannagan said today that all conditions of the sale had now been satisfied. "TOWER and nib look forward to building a long-term distribution relationship that will deliver benefits to health customers through the insights, expertise and strong track record in medical insurance that nib will bring to the New Zealand market," he said. nib's Managing Director, Mark Fitzgibbon, said: "Based on the purchase price the acquisition will be earnings per share accretive from year one." "We're excited about our prospects in New Zealand. We've acquired a very good business and we're confident it will provide us with a solid platform for growing private health insurance participation in New Zealand and our market share," Mr Fitzgibbon said. ENDS For further information, please contact: Rob Flannagan Group Managing Director TOWER Limited Tel: +64 9 369 2279 ARBN 088 481 234 Incorporated in New Zealand End CA:00230528 For:TWR Type:ASSET Time:2012-11-30 16:43:18
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