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- Release Date: 30/11/12 18:43
- Summary: ASSET: TWR: TOWER confirms health insurance sale
- Price Sensitive: No
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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
