Allianz Group and Liverpool Victoria Friendly Society (LV=) have completed the first stage in the creation of their joint venture and strategic partnership through the planned acquisition of a 49 percent stake in LV=’s UK General Insurance businesses (LV=GI) by Allianz Group.
Total consideration at this first stage of the transaction is £500 million.
Jon Dye, Chief Executive of Allianz Insurance plc said “This is an exciting time and a landmark moment in the history of both companies. Now that the deal has been finalised, we can start work on detailed plans for our joint venture which will build on the best of our digital capabilities, technical excellence and customer focus to become a Top 3 UK insurer.”
Steve Treloar, Chief Executive of LV=GI, said: “Following regulatory approval we have now completed the final step in creating our joint venture and strategic partnership with Allianz. It’s an honour to lead this new business and I look forward to working together with my colleagues to make LV=GI the number one choice for brokers and customers.”
The second stage of the transaction will take place in 2019 when Allianz will pay an additional £213 million for a further 20.9 percent stake in LV= GI through an agreed, forward purchase based on a total valuation of £1.020 billion for 100 percent of LV= GI. LV= has a put option under which it can sell all or part of its remaining shares to Allianz at any time.
For further information please contact:
David Keel, head of communications
Tel. 01483 552 718, e-mail: [email protected]
