Sun Life sells shares to fund US expansion

Sun Life Financial Services of Canada is intending to purchase a US life insurer and a marketing group by selling C$500mn (US$318mn) worth of common shares in the US and Canada. Sun Life will use part of the proceeds of the share offering to acquire Keyport Life insurance company and Independent Financial Marketing Group (IFMG). The deal will allow Sun Life to expand its product line and distribution capacity in the US.