Sponsored Links

Three make offers for Aviva's U.S. life unit -Bloomberg

Sept 29 | Sat Sep 29, 2012 4:57pm EDT

Sept 29 (Reuters) - Aviva Plc has received offers from Apollo Global Management LLC, Harbinger Capital Partners and Guggenheim Partners LLC for its life insurance division, Bloomberg News reported on Saturday, citing people with knowledge of the matter.

The unit may fetch more than $1 billion, the sources said, according to the report.

Aviva is seeking to sell or close more than a quarter of its businesses as part of a turnaround drive aimed at regaining the support of investors irked by a flagging share price.

Aviva could not be reached for comment on the story.

Apollo, Harbinger and Guggenheim have been buying unwanted operations from life insurers since 2009, partly to get access to a stable pool of funds for their investment-management operations, Bloomberg reported.

Guggenheim Partners, a privately held financial services firm, declined to comment on the story, as did private equity firm Apollo and Harbinger, a hedge fund manager.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.