Aviva plc (LSE:AV.) completed the acquisition of AIG Life Limited from Corebridge Financial, Inc. for £453 million.
April 08, 2024
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Aviva plc (LSE:AV.) entered into a definitive agreement to acquire AIG Life Limited from Corebridge Financial, Inc. (NYSE:CRBG) for £460 million on September 25, 2023. Under the terms of agreement, Aviva is paying cash as consideration. As part of the transaction, Aviva will also re-capture the economics of the business that AIG Life UK reinsures internally to the wider AIG Group. The transaction consideration represents 0.9x AIG Life UK?s Solvency II Own Funds, after adjusting for expected capital synergies. As of February 8, 2024, the Competition and Markets Authority launched its merger inquiry by notice to the Parties and has a deadline of 8 April 2024 for its phase 1 decision As CMA wanted to discover whether the takeover "may be expected to result in a substantial lessening of competition". The transaction is subject to customary closing conditions including regulatory approvals and is expected to close in the first half of 2024. As on March 28, 2024, Competition and Markets Authority approved the deal.
J.P. Morgan Securities LLC acted as financial advisor and Todd Freed, George D Belcher, Robert A Chaplin, Robin F Marchant, Eve-Christie Vermynck of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to Corebridge. Evercore Partners Limited acted as financial advisor and Richard Smith, Thomas Peacock, Claire Jackson, Philippe Chappatte, Nick Bonsall, David Ives, Chris Sharpe, Phil Linnard, Jane Edwarde, Charles Osborne, Rebecca Cousin, Neil Harrison and Alex Eadie of Slaughter and May acted as legal advisor to Aviva plc.
Aviva plc (LSE:AV.) completed the acquisition of AIG Life Limited from Corebridge Financial, Inc. (NYSE:CRBG) for £453 million on April 9, 2024.
Corebridge Financial, Inc. is a provider of retirement solutions and insurance products in the United States. The Company partners with financial professionals and institutions to help individuals plan, save for and achieve secure financial futures. The Companyâs Individual Retirement segment consists of fixed annuities, fixed index annuities, variable annuities, and retail mutual funds. Its Group Retirement segment consists of record-keeping, plan administrative and compliance services, financial planning and advisory solutions offered in-plan, along with proprietary and limited non-proprietary annuities, advisory and brokerage products offered out-of-plan. Its Life Insurance segment includes products in the United States, including term life and universal life insurance. Its Institutional Markets segment consists of stable value wrap (SVW) products, structured settlement, and pension risk transfer (PRT) annuities, corporate markets products and guaranteed investment contracts (GICs).
COREBRIDGE FINANCIAL, INC. 
