Today marks a very important milestone in delivering our strategy as we announce the sale of our Polish and Lithuanian businesses to Allianz for a cash consideration of €2.5 billion.
This is the eighth sale we’ve announced or completed in the last eight months, and is the last of our significant divestments from our non-core businesses. As ever, you can read more of the detail in the media release.
This sale creates excellent value for our shareholders, reflecting the strength of the Polish businesses and its leadership team, and importantly it provides clarity for our colleagues in Poland and Lithuania.
I want to thank Adam Uszpolewicz , CEO Poland, Asta Grabinskė, CEO Lithuania, and their teams for everything they’ve done in the past few years to create growth and build strong platforms for the future. I have said it from the start: these are great businesses, with great people – there are just better owners for them than Aviva. I’m confident they will continue to thrive with Allianz when the sale completes – which we expect to be within the next 12 months.
It’s important to stress that nothing changes today for our customers, distributors, or our people as a result of today’s announcement. Our customers will continue to receive the great service they always have done from Aviva.
I’d like to recognise Chetan Singh, the M&A and Legal teams for their commitment, focus, and professionalism in the way they’ve managed (and continue to manage) each and every one of these often complicated transactions.
We’ve done what we said we would and focussed the portfolio. Now all our attention is on transforming the performance of our core businesses of the UK, Ireland and Canada, something I know that every single one of us will get behind.
We completed this sale on 30th November 2021. Read more here.