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Aviva completes sale of Spanish joint ventures for £179m

Aviva group chief executive Mark Wilson. Picture: Aviva

Aviva group chief executive Mark Wilson. Picture: Aviva

Aviva

Insurance firm Aviva has completed the sale of its stake in two Spanish ventures.

The entire shareholding in life insurance and pensions joint ventures Cajamurcia Vida and Caja Granada Vida have been sold to Bankia.

The final consideration of the transaction, which was first announced on February 23, is 203m euros (£179m).

At the time of the announcement, group chief executive Mark Wilson said the deal represented “a strong return” for shareholders, and that it brought to £1.3bn the total return from selling its Spanish operations over the past five years.

Aviva, which employs 5,000 people in Norwich, has also agreed the sale of its 50% shareholding in Spanish life insurance operation, Pelayo Vida, to Santalucía.

The transaction completes Aviva’s withdrawal from the market, and subject to regulatory and anti-trust approvals, is expected to be completed in the fourth quarter of 2018.

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