Magic Johnson Enterprises, the Beverly Hills investment firm founded by the Laker legend, announced Monday that it has completed the acquisition of a controlling stake in EquiTrust Life Insurance Co. in West Des Moines, Iowa.
Magic Johnson Enterprises had first announced plans to acquire EquiTrust, which has $14.5 billion in assets, last year. Terms were not disclosed.
In a statement posted on its website, Magic Johnson Enterprises said it has acquired more than 60 percent of the insurer from New York’s Guggenheim Partners, which bought EquiTrust in 2011 for $440 million from FBL Financial Group, also in West Des Moines.
Guggenheim no longer owns a stake in the firm, but will continue to manage the insurer’s investment portfolio. Guggenheim partner Mark Walter and Johnson are involved in a joint venture that owns the Los Angeles Dodgers.
Representatives at Magic Johnson Enterprises did not immediately return a request for comment.
In a statement, Johnson said EquiTrust will give his firm “a tremendous platform to advocate for financial literacy and assist in creating job opportunities.”
“We will educate and emphasize the importance of life insurance for estate planning and annuities for retirement planning purposes,” Johnson said in the statement. “It’s not only groundbreaking, but continues my mission to invest in businesses where we can make a positive impact in the community.”
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