Magic Johnson gains full control of EquiTrust Life after purchase from Guggenheim
Magic Johnson took ownership of EquiTrust Life Insurance Company, buying the firm from Guggenheim Partners, which had originally introduced him to baseball.
The former NBA star expanded his Magic Johnson Enterprises portfolio by acquiring controlling interest in EquiTrust Life Insurance Company. The deal was completed with Guggenheim Partners, the investment firm co-founded by Dodgers and Lakers owner Mark Walter, which had previously managed the insurer's investments. EquiTrust, a provider of annuities and life policies to everyday consumers, now sits under Johnson's broader business holdings.
Why it matters
The deal adds a major insurance firm to Magic Johnson's holdings, highlighting his expanding influence in finance and consumer markets.
In this story
