LONDON (dpa-AFX) - Aviva plc (AV.L, AV) said that it completed the sale of a majority stake in Aviva Singapore to a consortium led by Singapore Life Ltd. The business has been renamed as Aviva Singlife Holdings Pte Ltd.
Aviva said that it received S$2.7 billion of total consideration. It comprised of S$2.0 billion of cash and marketable securities, S$250 million in vendor finance notes and a 26% equity shareholding in Aviva Singlife.
Aviva said it will use the cash proceeds to support its debt reduction target.
In September, Aviva had agreed to sell a majority shareholding in Aviva Singapore to a consortium led by Singapore Life Ltd. The company had expected to complete the transaction by January 2021.
Copyright RTT News/dpa-AFX