Suncorp's Vero sells Tower stake to US private equity Bain Capital for $53.9 mln

Thu, 08 Mar 2018

By Paul McBeth March 8 (BusinessDesk) - Suncorp Group's Vero Insurance has sold its cornerstone stake in rival insurer Tower to US private equity firm Bain Capital for $53.9 million, registering a $7.5 million loss in the process. The Australian-owned insurer has spent $60.5 million building up and retaining a 19.99 percent shareholding in NZX-listed Tower before mounting a $236 million takeover bid that was rejected by the Commerce Commission over fears it would detract from local competition. Vero bought shares at an average entry pric...

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