April 28 (Reuters) - Suncorp Group Ltd SUN.AX :
* SALE OF THE AUSTRALIAN WEALTH BUSINESS-SUN.AX
* TOTAL CONSIDERATION IS ESTIMATED AT $45 MILLION
* ENTERED AGREEMENT FOR SALE OF ITS AUSTRALIAN WEALTH BUSINESS, SUNCORP PORTFOLIO SERVICES LIMITED (SPSL), TO LGIASUPER
* ESTIMATES THERE WILL BE ABOUT $14 MILLION (PRE-TAX) OF ANNUALISED STRANDED COSTS AS A RESULT OF SALE
* STRANDED COSTS ARE EXPECTED TO BE OFFSET BY TRANSITIONAL SERVICES FEES DURING FY22 AND FY23
* TRANSACTION IS EXPECTED TO BE COMPLETED IN FY22
* LGIASUPER TO OFFER ROLES TO ABOUT 130 EMPLOYEES CURRENTLY EMPLOYED BY SUNCORP, WHO WORK DIRECTLY/INDIRECTLY WITHIN WEALTH BUSINESS
* AFTER SEPARATION AND TRANSACTION COSTS, IMPACT OF DEAL ON GROUP PROFIT EXPECTED TO BE BROADLY NEUTRAL Source: https:// Further company coverage: SUN.AX