Liverpool Victoria Financial Services has agreed to sell its savings & retirement and protection businesses to funds advised by Bain Capital Credit LP for 530 million pounds ($706.54 million), the company said on Tuesday.
Under terms of the deal, LV=’s with-profitsbusiness will be ring-fenced in a separate fund and closed to new business.
The capital available for distribution is expected to increase by up to 40% as a result of the transaction and will be used to increase payments to with-profits members as their policies mature.
The acquisition is subject to regulatory approval, and approval from LV= members, and is expected to complete by the end of 2021.
LV= sold its general insurance operations to Germany’s Allianz last year, and said in June that it was considering a sale of its remaining business.
Source: Reuters
Can’t stop reading? Read more
Top private equity news of the week
Top private equity news of the week Global Infrastructure Partners and EQT have agreed to acquire...
Advent considers $4bn divestment of naval defense business Ultra Maritime
Advent considers $4bn divestment of naval defense business Ultra Maritime Advent International is...
EQT backs launch of UK tax challenger WTS to rival Big Four
EQT backs launch of UK tax challenger WTS to rival Big Four EQT is backing the launch of WTS UK, a...