IGM Financial Inc.: Investment in Great-West Lifeco

WINNIPEG, MANITOBA--(Marketwire - Feb. 19, 2013) -

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IGM Financial Inc. (IGM or the Company) (TSX:IGM) today announced that it will participate in Great-West Lifeco Inc.'s acquisition of Irish Life Group Limited by purchasing $50 million of subscription receipts exchangeable into common shares of Great-West Lifeco Inc. As a result of this transaction, IGM Financial Inc. will maintain its current ownership position in Great-West Lifeco Inc. of approximately 4 per cent.

In a separate announcement today, Great-West Lifeco Inc. announced that it has reached an agreement with the Government of Ireland to acquire all of the shares of Irish Life Group Limited.

IGM Financial Inc., through a subsidiary, has agreed to purchase 1.95 million subscription receipts exchangeable into common shares at a price of $25.70 per share by way of private placement. The public offering and Power Financial Corporation private placement of subscription receipts will be made at the same price of $25.70 per subscription receipt.

IGM Financial Inc. is one of Canada's premier personal financial services companies, and one of the country's largest managers and distributors of mutual funds and other managed asset products, with over $123 billion in total assets under management. Its activities are carried out principally through Investors Group through a network of approximately 4,500 Consultants, Mackenzie Financial Corporation through a diversified network of third-party financial advisors and Investment Planning Counsel through a network of financial planners who are dedicated to serving the needs of their clients. IGM Financial Inc. is a member of the Power Financial Corporation group of companies.