Aviva to Buy British Pension Competitor: Reports

Deal with nearly $10 billion, UK media say

The U.K. insurance scene took a shock today, as various outlets reported that Aviva will buy its pension competitor, Friends Life.

The deal, worth £5.6 billion (approx. $9.8 billion), will “reshape the pensions industry,” Sky News said.

Read: Maurice Tulloch Appointed CEO of Aviva UK & Ireland

Sky also reported that Aviva stands to gain five million customers from the deal, and said they would “benefit from its general, health and life insurance products.”

The price tag represents a 15 percent premium on Friends Life’s stock value.

Read: Aviva plc Focused on ‘Disposing of Underperforming Assets’

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