TOP NEWS: Aviva To Sell Entire Aviva Vita Stake To Partner UBI Banca

(Alliance News) - FTSE 100-listed Aviva PLC on Monday said it is selling its entire shareholding ...

Alliance News 23 November, 2020 | 9:16AM
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(Alliance News) - FTSE 100-listed Aviva PLC on Monday said it is selling its entire shareholding in Italian life insurance joint venture Aviva Vita SpA to its partner UBI Banca.

The London-based savings, retirement and insurance business said the sale of its 80% shareholding in Aviva Vita will go for EUR400 million in cash.

In addition, a EUR40 million loan provided to Aviva Vita by Aviva Italia Holding SpA will be repaid in full at completion.

"The proceeds will be used to further strengthen Aviva's central liquidity and will be considered as part of Aviva's broader capital management and debt reduction objectives," Aviva said.

Aviva added that the deal will not affect any customers of Aviva Vita.

Aviva Chief Executive Amanda Blanc said: "Our strategy is about focus and delivery. The sale of Aviva Vita is another important step forward as we reshape our portfolio and follows the recent announcement of the majority sale of our Singaporean business. We will continue to be decisive as we seek to transform Aviva for the benefit of our shareholders."

Aviva shares were up 1.5% at 322.80 pence each in London on Monday morning.

By Greg Roxburgh;

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Aviva PLC 348.80 GBX -0.60

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