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.

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