Aviva Plc to sell a majority shareholding in Aviva Singapore

Aviva Plc (LON: AV.) has decided to sell its major shareholding in Aviva Singapore to a group of different companies led by Singapore Life Ltd.

  • As per the sale consideration, Aviva will receive SGD 2.7 billion or £1.6 billion, including SGD 2.0 billion or £1.2 billion in cash and marketable securities.
  • It will also include SGD 250 million in vendor finance notes and an equity shareholding of 25 per cent in the new group.
  • Singapore Life Ltd led consortium, which includes TPG, Sumitomo Life, and other existing shareholders of the company, with the acquisition of Aviva Singapore would be able to create one of the country's leading insurance companies.