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Aviva To Sell Entire 40% Shareholding In JV In Turkey To Ageas Insurance

Aviva plc (AV.L,AV), on Wednesday, said it agreed to sell its entire 40% shareholding in its joint venture in Turkey, AvivaSA Emeklilik ve Hayat AS, to Ageas Insurance International N.V. for a cash consideration of £122 million.

Aviva's joint venture partner, Sabanci Holding, would retain its 40% shareholding. Further, the transaction is expected to increase Aviva's IFRS Net Asset Value and Solvency II surplus by about £0.1 billion.

The transaction, which is subject to customary closing conditions, including regulatory approval, is expected to complete in 2021.

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