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Aviva Plc To Sell Aviva USA For USD1.8 Billion


Friday, 21 Dec 2012 05:04am EST 

Aviva Plc announced that it has agreed to sell Aviva USA Corporation, its US life and annuities business and related asset management operations (Aviva USA), to Athene Holding Ltd (Athene), for USD1.8 billion (GBP1.1 billion). Aviva will retain the North American asset management activities of Aviva Investors that are focused on third parties, and Aviva plc assets outside of the USA. Aviva will receive sale proceeds of USD1.55 billion (GBP1.0 billion) in cash, after the repayment of external debt. Of this, an amount of up to $250 million may be received in the form of an interest-bearing vendor loan, repayable in cash within 12 months of completion. Cash proceeds will increase central group liquidity and will be used for general corporate purposes. Goldman, Sachs & Co. and Morgan Stanley and Co. International plc acted as financial advisers to Aviva. 

Company Quote

509.0
10.0 +2.00%
17 Apr 2014