By Frank Prenesti
Date: Thursday 16 Jul 2020
LONDON (ShareCast) - (Sharecast News) - Insurer Aviva said it had completed the sale of Friends Provident International to International Financial Group, on revised terms for £259m.
The company on Thursday said it had sold a 76% stake in Friends Provident having previously agreed to offload 100% for £340m. The revised deal would be £209m in cash and £50m deferred.
"Aviva and IFGL have entered into a shareholders' agreement under which Aviva has certain ongoing commitments and customary rights given the minority shareholding," the company said in a statement.
"FPIL will continue to serve customers, partners and intermediaries as usual and there is no change to customers' policies as a result of today's announcement," it added.