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.
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