Aviva to Sell Polish Business to Allianz for $2.94 Billion
March 26 2021 - 3:53AM
Dow Jones News
By Adria Calatayud
Aviva PLC said Friday that it has agreed to sell its entire
shareholding in Aviva Poland to Allianz SE for 2.5 billion euros
($2.94 billion) in cash, in a deal that concludes the refocus of
the U.K. insurer's portfolio.
With Alliaz also acquiring the minority stake in Aviva Poland
held by Banco Santander SA in the life, general insurance and
pensions businesses, the Polish business is valued at a total
EUR2.7 billion, Aviva said.
The deal is expected to close within 12 months, subject to
customary closing conditions, including regulatory and anti-trust
approvals, Aviva said.
The divestment of Aviva Poland is the insurer's eighth sale of a
noncore business in as many months, a process that will generate
total cash proceeds of 7.5 billion pounds ($10.30 billion), it
said.
The FTSE 100 company said it expects to use the increased
capital and cash to support its previously outlined capital
framework of debt reduction, investment for long-term growth and
return of excess capital to shareholders.
"Our strategic focus is now on our strongest businesses in the
UK, Ireland and Canada where we have leading market positions and
strong growth potential," Aviva Chief Executive Amanda Blanc
said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
March 26, 2021 03:38 ET (07:38 GMT)
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