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Insurance

Nestle to sell Gerber Life Insurance unit for $1.55 billion 

Nestle 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.

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Key Points
  • Nestle is getting the rights to market Starbucks' products around the world outside the U.S. coffee company's shops.
  • Nestle is taking on about 500 Starbucks employees as part of the deal.