Retired basketball luminary Earvin “Magic” Johnson only combined a $14.5 billion life word association to his flourishing business and sports empire, Magic Johnson Enterprises (MJE).
On Tuesday, MJE, that Johnson founded in 1987, pronounced it completed a designed acquisition for a “majority, determining interest” in EquiTrust Life Insurance Company, that manages $14.5 billion in annuities, life word and other financial products.
MJE acquired a roughly 60% in EquiTrust from Guggenheim Partners, a New York-based financial hulk that bought EquiTrust in 2011. Financial terms weren’t disclosed, though Guggeheim no longer owns a interest in a word company, pronounced Paul Miller, COO during EquiTrust.
MJE announced skeleton to buy a interest in EquiTrust in Jan 2014. Miller attributed a check in shutting a transaction to a “legal and regulatory” requirements.
Over a years, Johnson has amassed a tiny sovereignty of investments in sports teams, party assets, restaurants and other businesses by MJE. But a squeeze of EquiTrust outlines a former Los Angeles Lakers indicate guard’s initial large pull into a financial services sector.
The squeeze could lead Johnson to pronounce some-more on financial preparation education, behaving as a kind of orator for his new company.
“We trust financial preparation relations to estate and retirement formulation is constituent to a community,” pronounced MJE spokewoman Christina Francis. “A well-capitalized association like EquiTrust gives us a height to accomplish that objective. The association can foster financial preparation in a minority village by emphasizing a significance of life word for estate formulation and annuities for retirement planning,” she said.
MJE’s portfolio also includes:
*A interest in a Los Angeles Dodgers ball team
*An investment in Hero Ventures, a association behind The Marvel Experience, a theme-park captivate featuring Marvel’s famous heroes and villains
*A interest in a Los Angeles Sparks Women’s National Basketball Association team
*The Comcast channel ASPiRE, that celebrates a African-American experience
*An investment in Vibe Holdings, a New York-based repository and radio association that focuses on a civic market.
Under MJE’s ownership, Guggenheim will continue to conduct income for EquiTrust, MJE said. Miller pronounced a company’s government group will sojourn a same underneath a new tenure and that say-to-day operations “will sojourn mostly unchanged.”
Johnson has finished business with Guggeheim before, including fasten a investment organisation in a record $2 billion understanding to buy a Los Angeles Dodgers ball group in 2012.
Earlier this month, Johnson announced he will join a house of Square, a payments association founded by Twitter co-founder Jack Dorsey. Dorsey was recently allocated halt CEO of Twitter amid shareholder grumblings over effusive CEO Dick Costolo.