NZ Super Fund plans to take cornerstone stake in Fidelity Life

Tue, 31 Oct 2017

By Rebecca Howard Oct. 31 (BusinessDesk) - The New Zealand Superannuation Fund plans to take cornerstone stake of at least $100 million in Fidelity Life, the largest Kiwi-owned life insurer. If the necessary conditions are met, including changes to Fidelity Life's constitution, the transaction would see the NZ Super Fund taking a minimum 41.1 percent stake in the insurer, they said in a joint statement. Fidelity Life is privately held by more than 150 shareholders. The proposed investment is to be made up of $75 million of new shares...

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