Home Business NewsBusiness Aviva’s Poland unit sold for $2.9 Billion

Aviva’s Poland unit sold for $2.9 Billion

by LLB Editor
26th Mar 21 10:51 am

Aviva has reached a significant milestone in the execution of strategy, with the agreement to sell
its entire shareholding in Aviva Poland1 to Allianz for a cash consideration of €2.5 billion, valuing the acquired
business at €2.7 billion.

Aviva will now focus on its strongest businesses in the UK, Ireland and Canada where it has leading market positions and strong growth potential. The divestment of Aviva Poland is the eighth transaction Aviva has announced in the past eight months, and this successfully concludes the planned refocus of the Group’s portfolio.

Amanda Blanc, Chief Executive Officer of Aviva, said: “The sale of our Polish business is an excellent conclusion to the refocusing of our portfolio announced just eight months ago. The sale of our eight non-core businesses will generate total cash proceeds of £7.5 billion. We have made significant progress with our debt reduction plan and in due course we will make a substantial return of 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.”

“This transaction delivers excellent value for Aviva shareholders. It is also a very positive outcome for our
customers, employees and distribution partners and we are confident that Aviva Poland will continue to prosper
under Allianz ownership.”

You may also like

Leave a Comment

CLOSE AD

Sign up to our daily news alerts