Aviva sells stake in Singlife, debt instruments to Sumitomo for £0.8bn
UK insurer Aviva on Wednesday said it had agreed to sell its 25.9% stake in Singapore Life Holdings (Singlife), together with two debt instruments, to Sumitomo Life for £800m in cash.
13 September 2023 07:35:21
Source: Sharecast
Sumitomo Life will pay £500m for Aviva's equity stake and £300m for the two debt instruments. Sumitomo Life is currently a 23.2% shareholder in Singlife and sees Singapore as a key market within its overall Southeast Asia strategy, Aviva said in a statement.
IWeb is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.
