AmBase Corp. to Sell Insurance Unit: The...
From Times Staff and Wire Reports
AmBase Corp. to Sell Insurance Unit: The New York-based financial services holding company said it has reached a definitive agreement with Trygg-Hansa Holding AB, Sweden’s second-largest insurer, and the European investor group Vik Bros. International to sell the insurance subsidiary, which includes Gruntal Financial Corp., a brokerage unit, and Sterling Forest Corp. real estate holdings. The acquirers will pay $507 million in cash and assume outstanding debt. The deal is valued at $970 million.
