AIA to buy Aviva's Sri Lankan unit in $109 million deal
HONG KONG, Sept 27 |
HONG KONG, Sept 27 (Reuters) - AIA Group Ltd has agreed to buy British insurer Aviva's 92.3 percent stake in Sri Lankan insurer Aviva NDB Insurance, AIA said in a statement on Thursday, making it the Asian insurer's first acquisition since its initial public offering two years ago.
AIA will pay a net $109 million for the deal, which includes a 20-year exclusive bancassurance agreement with Sri Lanka's National Development Bank.
Shares of AIA were up 1.24 percent at 28.60 at midday on the Hong Kong Stock Exchange.
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