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Aviva Completes Sale Of Majority Stake In Aviva Singapore

Aviva plc (AV.L,AV) said that it completed the sale of a majority stake in Aviva Singapore to a consortium led by Singapore Life Ltd. The business has been renamed as Aviva Singlife Holdings Pte Ltd.

Aviva said that it received S$2.7 billion of total consideration. It comprised of S$2.0 billion of cash and marketable securities, S$250 million in vendor finance notes and a 26% equity shareholding in Aviva Singlife.

Aviva said it will use the cash proceeds to support its debt reduction target.

In September, Aviva had agreed to sell a majority shareholding in Aviva Singapore to a consortium led by Singapore Life Ltd. The company had expected to complete the transaction by January 2021.

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