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MMC completes $3.9B Putnam sale to Canadian firm


NEW YORK--Marsh & McLennan Cos. Inc. said Friday it has completed the sale of its Putnam Investments unit to Great-West Lifeco Inc., a Winnipeg, Manitoba-based unit of Montreal-based Power Financial Corp.

New York-based MMC announced the all-cash, $3.9 billion deal in February. After accounting for taxes and minority interest, MMC said its net proceeds from the deal will be about $2.5 billion.

Analysts have said the deal to sell the investment management unit, which has had its reputation tarnished by trading scandals, will enable MMC to pay down debt, repurchase stock, make acquisitions, and focus on building its risk and insurance and consulting businesses.