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Aviva sells Spanish joint-venture stakes for 475m euros

Aviva group chief executive Mark WIlson. Picture: Aviva

Aviva group chief executive Mark WIlson. Picture: Aviva

Aviva

Aviva boss Mark Wilson hailed “a strong outcome” as the insurance giant sold its share in three Spanish joint ventures.

It has sold its 50% stake in life insurance and pension joint ventures Unicorp Vida and Caja España Vida, as well as its retail life insurance business Aviva Vida y Pensiones, to Santalucía.

The deals have been concluded for a total consideration of 475m euros (£403m).

The EDP/EADT Top100 company said the deal it was in line with allocating capital to markets where it could deliver higher returns.

Subject to regulatory approvals, it will be completed by the end of 2017.

Group chief executive Mr Wilson said: “The consideration of €475m is an attractive valuation and the sale further simplifies the Group. It highlights our absolute focus on allocating capital effectively across the group and further strengthens our capital and liquidity position.”

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