Great-West to buy Putnam

After weeks of speculation, Great-West Lifeco has announced that it has reached an agreement to purchase Boston-based Putnam Investments Trust, for $3.9 billion US. The deal is subject to regulatory approval.

“Power Financial Corporation has wanted for some time to expand the presence of its financial services group in the United States, by acquiring a strong, well established and respected financial services organization with a broad distribution network,” the company said in a press release. “Putnam meets all these criteria.”

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(02/01/07)

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