Search

Aviva completes sale of Spanish joint ventures for £179m

Aviva group chief executive Mark Wilson. Picture: Aviva

Aviva group chief executive Mark Wilson. Picture: Aviva

Aviva

Insurance firm Aviva has completed the sale of its stake in two Spanish ventures.

The entire shareholding in life insurance and pensions joint ventures Cajamurcia Vida and Caja Granada Vida have been sold to Bankia.

The final consideration of the transaction, which was first announced on February 23, is 203m euros (£179m).

At the time of the announcement, group chief executive Mark Wilson said the deal represented “a strong return” for shareholders, and that it brought to £1.3bn the total return from selling its Spanish operations over the past five years.

Aviva, which employs 5,000 people in Norwich, has also agreed the sale of its 50% shareholding in Spanish life insurance operation, Pelayo Vida, to Santalucía.

The transaction completes Aviva’s withdrawal from the market, and subject to regulatory and anti-trust approvals, is expected to be completed in the fourth quarter of 2018.

If you value what this gives you, please consider supporting our work. Click the link in the yellow box below for details.

Become a supporter

This newspaper has been a central part of community life for many years, through good times and bad. Coronavirus is one of the greatest challenges our community has ever faced, but if we all play our part we will defeat it. We're here to serve as your advocate and trusted source of local information.

In these testing times, your support is more important than ever. Thank you.

Most Read

Most Read

Latest from the Eastern Daily Press