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Heads of Agreement for sale of Elders Insurance Operations
Elders have today announced that it has signed a Heads of Agreement with QBE to sell its' insurance operations, together with 75% of its Insurance distribution network. QBE is also set to become a cornerstone investor in Elders through a share placement which will increase its stake in the Company to 12.5%. The sale enables Elders to realise capital and value that has been built up in its insurance operations whilst maintaining their involvement in the exclusive distribution of insurance products its network.
The total cash proceeds from the sale of and share placement is expected to be $315 million, with the proceeds used in strengthening the company's balance sheet and provides Elders with a good footing as they move through the refinance and recapitalisation process.
Read more on the agreement
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