Aviva plc (“Aviva”) today announces that it has completed the sale of a majority shareholding in Aviva Singapore to a consortium led by Singapore Life Ltd (“Singlife”). The business has been renamed as Aviva Singlife Holdings Pte Ltd (“Aviva Singlife”).
Aviva received SGD 2.7 billion of total consideration, which is comprised of SGD 2.0 billion1 (£1.1 billion2) of cash and marketable securities, SGD 250 million in vendor finance notes and a 26% equity shareholding in Aviva Singlife.
As stated in the Q3 announcement, the cash proceeds will be used to support Aviva’s debt reduction target.
This is the third transaction Aviva has completed so far this year and follows the recent announcement of the sale of our entire shareholding in Aviva Vita S.p.A., an Italian life insurance joint venture. Aviva continues to work at pace, taking decisive actions on its portfolio to transform the company for the benefit of its shareholders.
The sale of Aviva Singapore was announced on 11 September 2020.
1. Comprising SGD 1.7bn of cash, SGD 80m pre completion dividend and a SGD 260m debt capital instrument underwritten by Aviva on market terms with the intention to sell to external investors in due course.
2. Conversion based on 30 September 2020 spot rate or hedged rate where applicable.
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