Aviva £5.6 billion acquisition of Friends Life Group

Overview:

• Aviva has acquired fellow insurer Friends Life in a deal valued at £5.6 billion.
• The combined group has over 16 million customers and £340 billion assets under management.
• Friends Life Group is Guernsey registred and the deal was completed via a Guernsey scheme of arrangement.
• The deal sees Friends Life shareholders take 26% of the enlarged group with the ratio of shares seeing each Friends Life share equal to 0.74 Aviva shares.

Sam Duke - Editor