There’s officially a new big fish across the pond.
There’s officially a new big fish across the pond.
Aviva announced an agreement to acquire its rival Friends Life in a deal worth about $8.8 billion, creating Britain’s largest life insurer.
The deal would create a combined life insurance and asset management business worth roughly $32.4 billion, with more than $469 billion in assets under management.
Friends Life shareholders would own about 26 per cent of the combined company, which would have around 16 million customers.
“This acquisition is financially and strategically compelling,” Mark Wilson, Aviva’s chief executive, said in a news release. “It is one of those rare transactions where the two organizations fit with surgical precision, building on each other’s strengths and addressing the challenges.”
The board of Friends Life intends to recommend unanimously that shareholders approve the transactions. A Friends Life shareholder meeting to consider the deal is expected in March.
“By combining the market-leading strengths of the two businesses, we will create the U.K.’s leading insurance, savings and asset management business, delivering additional scale and efficiencies,” Malcolm Williamson, the chairman of Friends Life, said in a news release. “This will provide enhanced outcomes for the increased customer base and for new customers into the future.”
Aviva announced an agreement to acquire its rival Friends Life in a deal worth about $8.8 billion, creating Britain’s largest life insurer.
The deal would create a combined life insurance and asset management business worth roughly $32.4 billion, with more than $469 billion in assets under management.
Friends Life shareholders would own about 26 per cent of the combined company, which would have around 16 million customers.
“This acquisition is financially and strategically compelling,” Mark Wilson, Aviva’s chief executive, said in a news release. “It is one of those rare transactions where the two organizations fit with surgical precision, building on each other’s strengths and addressing the challenges.”
The board of Friends Life intends to recommend unanimously that shareholders approve the transactions. A Friends Life shareholder meeting to consider the deal is expected in March.
“By combining the market-leading strengths of the two businesses, we will create the U.K.’s leading insurance, savings and asset management business, delivering additional scale and efficiencies,” Malcolm Williamson, the chairman of Friends Life, said in a news release. “This will provide enhanced outcomes for the increased customer base and for new customers into the future.”
