Insurance company Aviva Plc. (AV.L), on Thursday, along with announced the cancellation of a Bridge Facility Agreement of 1.85 billion pounds in the proposed acquisition of Direct Line Insurance Group Plc. (DLG.L). Aviva said the cash portion of the proposed acquisition will be paid using its existing cash reserves.
On December 23, 2024, Aviva had agreed to acquire all existing and future shares of Direct Line through a court-sanctioned scheme of arrangement.
Aviva announced that the Bridge Facility Agreement was cancelled on April 23 and was approved by both Goldman Sachs International and Citi, who are acting as Aviva's joint financial advisers.
On February 10, 2024, Direct Line released a document outlining the details of the proposed acquisition.
On March 10, 2025, Direct Line announced that the required majority of Scheme Shareholders had approved the Scheme at the Court Meeting.
Additionally, the necessary majority of Direct Line Shareholders voted in favor of the Special Resolution to proceed with the implementation of the Scheme.
Aviva is currently trading up 0.52% at 542.20 pence on the London Stock Exchange.
Direct Line is currently trading, 0.29%, at 279 pence on the London Stock Exchange.
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