Aviva, which back in September confirmed speculation involving its Italian joint venture, has now completed the sale of Avipop Assicrurazioni S.p.A.
While the transaction does not affect the British insurance giant’s other operations in Italy, the disposal of its entire shareholding in the JV also means letting go of wholly owned subsidiary Avipop Vita S.p.A. Aviva said the price for the deal with Banco BPM was €268 million, or around £236 million.
Closing adjustments worth €2.9 million have been added to the previously announced total consideration of €265 million.
More than a decade ago Aviva partnered with Banco Popolare – which became Banco BPM in 2017 following a merger with Banca Popolare di Milano – with the option to offload its shares in the event that the bancassurance tie-up were terminated. And sell it did, after Banco BPM did not renew the distribution agreement.
Meanwhile the unaffected Aviva Italy has partnerships with the likes of UBI Banca, Unicredit, Fineco, and Banca Popolare di Bari.