Bidding for Irish Life will be whittled to two bidders
THE sale of Irish Life & Permanent's €1.5bn-valued life business is entering the final phase as the six bidders are cut to just two candidates.
Delays in the protracted sales process have meant that the second round of bidding will run on until early October, when the bidders -- a mixture of major North American insurers and private equity players -- are whittled down. Deutsche Bank is handling the disposal.
JC Flowers, the private equity player that nosed around EBS and Bank of Ireland early in the financial crisis, is one of the bidders. It has teamed up with Apollo.
Earlier this year, the Sunday Independent revealed that former Bank of Ireland chief Brian Goggin had linked up with the private equity giant to examine Irish opportunities. Another private equity group, CVC, is also in the running.
Canada Life and US insurance firms Unum and Delphi have also been named as bidders for the unit, which is being sold off as Irish Life & Permanent seeks to rebuild its shattered balance sheet.
However, the stock market volatility is thought to be affecting the sales process with some market sources believing that valuations for the business may be cut sharply.
Sunday Indo Business