NestlĂ© SA NESM, -0.69% late Monday said it has agreed to sell the Gerber Life Insurance Co. to Western & Southern Financial Group for $1.55 billion in cash. Gerber Life is “a highly recognized and trusted leader” in the juvenile and family life insurance market that had sales of $856 million in 2017, the food giant said. The deal allows Western & Southern Financial to market insurance products under the Gerber Life brand. The deal does not include NestlĂ©’s Gerber products business, the baby food and baby care brand, which NestlĂ© will continue to develop, the company said. NestlĂ© said in February it was looking for options for Gerber Life. The deal is expected to close late this year or early 2019, the company said.
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