Tower insurance (ASX:TWR) has inked a deal to acquire Youi NZ insurance portfolio.
Under the deal Tower will acquire Youi NZ’s 34 000 in-force polices for a total purchase price of NZ$13 million.
Tower says the acquisition will further accelerate the company’s growth ambitions and drive shareholder value.
The deal is subject to certain conditions including pprovals from the Reserve Bank of New Zealand.
Shares in Tower Insurance (ASX:TWR) last traded at $0.715 on the 18th of September.