Delaware Life Holdings will purchase Sun Life Financial’s (TSX: SLF, NYSE: SLF) U.S. annuity business and certain life insurance businesses for $1.35 billion.
Sun Life, headquartered in Toronto, is a financial services company that has about $515 billion in assets under management.
Delaware Life is owned by shareholders of Guggenheim Partners, a Chicago financial services company that will provide investment management services to the acquired businesses.
Morgan Stanley & Co. LLC served as Sun Life’s financial adviser. Debevoise & Plimpton LLP served as legal adviser.