Guinness Peat Group has sold its stake of almost 30% in Tower Australia for $A375 million - making what it calls a handsome profit of more than $A220 million.
The listed Investment firm sold the stake to Japanese insurance giant Dai-Ichi Mutual Life, ending its almost six year-long investment in the company.
The sale relates only to Tower Australia - GPG says it has no plans to change its investment in Tower New Zealand which has been a separate entity since late 2006.
The deal is subject to shareholder and regulatory approval
