September 19, 2014 / 12:01 PM / 5 years ago

BRIEF-Aviva to sell stake in Spanish JV for 287 mln euro

Sept 19 (Reuters) - Aviva Plc :

* Aviva to sell its stake in Spanish joint venture

* Novacaixagalicia Banco to buy back stake in joint venture for eur 287 million

* Consideration represents a multiple of 25 times CXG Aviva’s 2013 operating earnings

* Expected to complete by end of 2014

* Transaction will increase Aviva’s ifrs net asset value by approximately 4 pence per share

* Jv with Banco Mare Nostrum, Banco Ceiis, Unicaja and Pelayo Seguros, agency distribution unit Aviva Vida y Pensiones are unaffected by ruling

* Transaction results from decision by arbitration tribunal in Madrid, which concludes legal proceedings between Aviva and NCG Banco Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below