Insurance Australia Group has officially completed its STG570 million ($A1.4 billion) acquisition of United Kingdom motor underwriter and broker, Equity Insurance Group.
The acquisition, which marks the general insurer's first move into the British market, was sealed on receiving regulatory approval from the UK Financial Services Authority.
Last month, IAG raised $750 million in an institutional share placement to part-fund the acquisition, which will be funded also from a $125 million placement to small shareholders, subordinated debt and internal funds.
© 2007 AAP
Insurance Australia Group has officially completed its STG570...
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Last
$8.45 |
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Mkt cap ! $19.98B | |||
| Open | High | Low | Value | Volume |
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| IAG (ASX) Chart |