(Alliance News) - Liverpool Victoria Financial Services Ltd on Friday said it is in "exclusive discussions" regarding a potential transaction involving US investment company Bain Capital.
The UK insurer, which trades as LV=, said talks are part of the company's focus "on maximising long-term value for its members and ensuring the business continues to be operated in their best interests, following the disposal of the general insurance business".
LV= had sold its remaining 30% stake in LV= General Insurance to Allianz SE back in May 2019.
"Discussions between LV= and Bain Capital are on-going and there can be no certainty that any transaction will be agreed, nor any certainty as to the terms on which any such transaction might proceed" LV= said in a short statement on Friday.
In response to a Sky News report, LV= had confirmed on Monday it is in talks with "a number of parties" for a potential transaction. Sky News had reported that Royal London Mutual Insurance Society Ltd could be days away from sealing a GBP500 million takeover of its smaller peer.
By Tapan Panchal; tapanpanchal@alliancenews.com
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