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Nestle to sell Gerber Life Insurance unit for $1.55 billion

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Nestle to sell Gerber Life Insurance unit for $1.55 billion
FILE PHOTO: The Nestle logo is seen during the opening of the 151st Annual General Meeting of Nestle in Lausanne, Switzerland April 12, 2018. REUTERS/Pierre Albouy/File Photo   -   Copyright  Pierre Albouy(Reuters)
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(Reuters) – Nestle <NESN.S> said on Monday it would sell its Gerber Life Insurance unit to Western and Southern Financial Group for $1.55 billion in cash.

The deal will allow Cincinnati, Ohio-based Western & Southern Financial Group to market insurance products under the Gerber Life brand.

Nestle had announced earlier in February that it was exploring strategic options for its Gerber Life Insurance unit.

(Reporting by Soundarya J in Bengaluru; Editing by Anil D’Silva)

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