LONDON (Reuters) - The Friends Life (>> Friends Life Group Ltd) "Value Share" partnership has sold 163.9 million pounds ($242.3 million) of shares in Aviva (>> Aviva plc), a source familiar with the matter said on Tuesday.

The sale of 30.8 million Aviva shares was priced at 532 pence each, the source said.

"Value Share" is a partnership structure created by Friends Life in order to reward its founders. Aviva announced the purchase of Friends Life for 5.6 billion pounds last year.

"The seller received Aviva shares as consideration for the merger, and has now decided to sell," the source said.

(Reporting By Freya Berry, editing by Sinead Cruise)

Stocks treated in this article : Aviva plc, Friends Life Group Ltd