Retired basketball superstar Earvin "Magic" Johnsonjust added a $14.5 billion life insurance company to his growing business and sports empire, Magic Johnson Enterprises (MJE).
On Tuesday, MJE, which Johnson founded in 1987, said it completed its planned acquisition for a "majority, controlling interest" in EquiTrust Life Insurance Company, which manages $14.5 billion in annuities, life insurance and other financial products.
MJE acquired a roughly 60% in EquiTrust from Guggenheim Partners, the New York-based financial giant that bought EquiTrust in 2011. Financial terms weren't disclosed, but Guggeheim no longer owns a stake in the insurance company, said Paul Miller, COO at EquiTrust.
MJE announced plans to buy a stake in EquiTrust in January 2014. Miller attributed the delay in closing the transaction to the "legal and regulatory" requirements.
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
No comments:
Post a Comment