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Aviva exits Turkey business

by LLB Editor
24th Feb 21 11:13 am

Aviva has agreed to sell its entire 40% shareholding in its joint venture in Turkey, AvivaSA Emeklilik ve Hayat AS (“Aviva SA”), to Ageas Insurance International N.V. for a cash consideration of £122 million.

Aviva’s joint venture partner, Sabancı Holding, will retain its 40% shareholding. The transaction is expected to increase Aviva’s IFRS Net Asset Value1 and Solvency II surplus1 by c. £0.1bn.

The transaction is subject to customary closing conditions, including regulatory approval, and is expected to complete in 2021.

“The transaction is subject to customary closing conditions, including regulatory approval, and is expected to complete in 2021,” the board said in its statement.

Shares in Aviva were down 0.32% at 373.5p.

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