Irish Life & Permanent

Irish Life & Permanent disposed of its UK closed life assurance subsidiary, City of Westminster, to Chesnara plc for £47.5m. Chesnara funded the acquisition through a mixture of existing cash resources, new debt facilities and a placing and open offer.

Irish Life & Permanent achieved a price of £47.5m and in addition benefited from a £4.6m dividend in respect of 2004. Irish Life & Permanent also achieved its other objectives from the sale in selling to an expert counterparty and continuing the existing outsourcing arrangements with CSC for administration and with Irish Life Investment Management for asset management.

Canaccord Genuity acted as sole financial advisor to Irish Life & Permanent.