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Aviva To Sell Majority Of Stake In Aviva Singapore

Aviva plc (AV.L,AV) has agreed to sell a majority shareholding in Aviva Singapore to a consortium led by Singapore Life Ltd.

The Singlife consortium includes TPG, a global alternative asset firm, which will become the largest shareholder in the new group upon completion, Sumitomo Life, a Japanese insurer, and other existing Singlife shareholders.

Aviva Investors' operations and clients in Asia will not be impacted by the transaction, Aviva said in a statement.

On completion, Aviva will receive S$2.7 billion or 1.6 billion pounds in consideration, which is comprised of S$2.0 billion or 1.2 billion pounds in cash and marketable securities, S$250 million in vendor finance notes and a 25% equity shareholding in the new group.

Aviva said that it will use proceeds from the sale to further strengthen its central liquidity and will be considered as part of the company's broader capital management and debt reduction objectives.

The company expects to complete the transaction by January 2021.

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