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New York-based Marsh & McLennan Cos. Inc. (MMC) announced it has finalized the sale of its Putnam Investments unit to Great-West Lifeco Inc., a Winnipeg, Manitoba-based unit of Power Financial Corp. based in Montreal, Canada.
Published on August 7, 2007
The all-cash, $3.9 billion sale was announced in February. MMC reports net proceeds from the deal, excluding taxes and minority interest, will total approximately $2.5 billion.
Industry analysts watching the transaction say the sale of Putnam, whose reputation had been blemished by trading scandals, will allow MMC to pay down debt, repurchase stock, make acquisitions, and focus on building its risk and insurance and consulting businesses.
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