(Alliance News) - London-based Aviva PLC on Wednesday said it has agreed to sell its entire 40% shareholding in its joint venture in Turkey, AvivaSA Emeklilik ve Hayat AS.
The FTSE 100-listed insurance company said the stake will be sold to Ageas Insurance International NV for GBP122 million in cash.
Aviva's joint venture partner, Sabanc1 Holding, will retain its 40% shareholding.
The transaction - which is seen completing later in 2021 - is expected to increase Aviva's net asset value and Solvency II surplus by GBP100 million, it said.
Aviva shares were trading 0.2% lower in London on Wednesday morning at 374.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Aviva (AV.)
