Insurance company Standard Life has sold its Canadian business to a subsidiary of Manulife Financial for 4bn Canadian dollars (£2.2bn).
The sale, which is expected to close in the first quarter of 2015, spans all areas of business from savings and retirement to investment management.
According to Manulife Financial, the deal is expected to increase the value of shares by one per cent per share over the next three years.
Manulife's senior vice president Mariannne Harrison emphasised the benefits the deal would have in terms of expanding the company.
“This transaction also allows us to leverage Standard Life's strong presence, and deep understanding of the unique attributes of the Quebec market.,” she said.