Aviva: sells life insurance unit in Italy to CNP Assurances
(CercleFinance.com) - CNP Assurances has announced the signature of an agreement to acquire Aviva's Italian life insurance business at a price of 543 million euros, which the French group will pay for from its own funds.
The scope of the transaction includes 51% of the life insurance company Aviva SpA, 49% jointly owned by UniCredit, 100% of Aviva Life SpA, and the operational services company Aviva Italia Servizi Scarl.
The completion of the deal, which the British insurer expects in H2 2021, remains subject to various conditions precedent, including regulatory and anti-trust approvals.
After lunch on Thursday the Aviva share was up about 3%, while CNP Assurances was down around 1%.
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The scope of the transaction includes 51% of the life insurance company Aviva SpA, 49% jointly owned by UniCredit, 100% of Aviva Life SpA, and the operational services company Aviva Italia Servizi Scarl.
The completion of the deal, which the British insurer expects in H2 2021, remains subject to various conditions precedent, including regulatory and anti-trust approvals.
After lunch on Thursday the Aviva share was up about 3%, while CNP Assurances was down around 1%.
Copyright (c) 2021 CercleFinance.com. All rights reserved.