TRANSAMERICA SELLS OCCIDENTAL LIFE AUSTRALIA Equity investment company <Battery Group Ltd> said it had agreed to buy <Occidental Life Insurance Co of Australia Ltd> from TransAmerica Corp <TA> of the U.S. For 105 mln Australian dlrs. The acquisition has been made possible by the efforts of its major shareholder, <Pratt and Co Financial Services Pty Ltd>, Battery Group said in a statement. The purchase will be partly funded by the issue of eight mln shares at 4.50 dlrs each and four mln free options to the Pratt Group, controlled by entrepreneur Dick Pratt, plus four mln shares to professional investors at 4.50 each, it said. The balance will be funded by debt, Battery Group said. The acquisition is subject to the approval of its shareholders. On completion of the share placements, Pratt Group will effectively have 51 pct of Battery's enlarged capital, assuming exercise of all options, it said. Battery now has 22 mln shares on issue. Battery said Occidental Life is a major underwriter of individual term life insurance and a recent but fast-growing entrant in the individual account superannuation market. It has some 200 mln dlrs in funds under management.