Brierley's Mercantile Investment backs buyer of Tower life business

Mon, 25 Aug 2014

By Paul McBeth Aug. 25 (BusinessDesk) - Veteran corporate raider Ron Brierley's Mercantile Investment Co is backing the buyer of general insurer Tower's life business, Foundation Life (NZ) Holdings. The ASX-listed investment company has committed $4.75 million to back Foundation Life's $36 million purchase of the life insurance business, which is expected to settle on Aug. 29. Mercantile, Brierley's third diversified investment vehicle, has paid a deposit of A$184,780, and will pay the balance once Foundation Life has obtained all the nec...

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