Aviva has completed the disposal of its entire shareholding in its joint venture in Italy.
Aviva has completed the disposal of its entire shareholding in its joint venture in Italy, Avipop Assicrurazioni S.p.A.1 (“the JV”), which includes its wholly-owned subsidiary Avipop Vita S.p.A., to Banco BPM S.p.A ("Banco BPM") for a total consideration of €268m (£236m2). Aviva originally announced the sale on 29 September 2017.
Aviva's other Italian operations are unaffected by this transaction. Aviva Italy today is a top-10 insurance group benefitting from well-diversified distribution including partnerships with UBI Banca, Unicredit, Fineco, Banca Popolare di Bari, a strong and growing franchise with IFAs and a distribution network of over 500 tied agents.
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1 The transaction involves the disposal of a controlling shareholding in the JV, Aviva's holding is 50% plus one additional share.
2 Total consideration includes closing adjustments of €2.9m. Exchange rate of €1/£0.88 based on prevailing rate on 27 March 2018.
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