As reported in the press release of the Swiss company, this will enable Western & Southern to sell insurance products under the brand Gerber Life.
The deal is expected to be completed in late 2018 or early next year after receiving approval from the regulatory authorities.
The agreement does not affect Gerber Products business which has been manufacturing baby food, the report says.
Revenues Gerber Life Insurance by the end of 2017 amounted to $856 million, the Company ranks among 100 largest insurers of life and health in the U.S. by assets, according to rating company A. M. Best.
Nestle has announced that it is considering various strategic options for the unit in February of this year.
Stock prices of Swiss companies almost unchanged in the early deals on Tuesday.
Nestle owns the 418 companies in 86 countries, including in Russia. The company's portfolio includes more than 2 thousand brands, including marks Nestle, Nescafe, KitKat, Gerber, Maggi.
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Translated by service "Yandex.Translation"
