***NEWS FLASH*** Tower makes key acquisition
Tower Australia Group has acquired InsuranceLine Holdings Limited, moving solidly into the direct to consumer space.
The transaction, announced today, has been valued at $136 million, with $61 million being paid in cash and the rest in securities.
Tower previously held a 15 per cent holding in the company, which it acquired in 2005.
Commenting on the transaction, Tower Australia managing director Jim Minto said it fulfilled an important strategic objective and provided an end-to-end distribution capability in the direct to customer market segment.
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