Lockton Sells lockline To DST
NU Online News Service, July 9, 11:55 a.m. EST?Lockton Inc. and DST Systems Inc. announced an agreement for DST Systems to acquire the lockline operating companies from Lockton. Terms of the transaction were not disclosed.
According to Lockton, lockline revenues for the fiscal year that ended April 30, 2002, were approximately $51 million. Both firms are headquartered in Kansas City, Kan.
lockline was not a part of Lockton's core business, and the rapid growth of the company over the last five years led a number of companies to express an interest in, and make offers to acquire lockline, Lockton said.
lockline provides administrative services to support insurance programs for wireless communication devices, extended warranty programs for land-line telephone and consumer equipment, and event-based debt-protection programs.
John Lumelleau, President of Lockton Companies, said that, "DST acquired a very successful, rapidly growing, profitable business, and we generated substantial additional capital, enhancing the opportunity to continue growing our core brokerage business."
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