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Aviva to sell Poland business to Allianz for €2.5bn
StockMarketWire.com
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Insurance company Aviva said it agreed to sell its Poland business to Allianz for €2.5 billion amid plans to focus on its businesses in the UK, Ireland and Canada.
The sale of Aviva Poland is the eighth transaction Aviva has announced in the past eight months, and concluded the planned refocus of the group's portfolio.
The sale would deliver a £1.8 billion boost to its IFRS net asset value, and represented 'significant value' for shareholders, the company said.
'Aviva expects to use the increased capital and cash to support its previously communicated capital framework of debt reduction, investment for long-term growth and return of excess capital to shareholders,' the company said.
'The transaction is subject to customary closing conditions, including regulatory and anti-trust approvals, and is expected to complete within 12 months,' it added.
Story provided by StockMarketWire.com
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