Slaughter and May is advising Aviva plc (“Aviva”) on its sale of Aviva France to French insurer, Aéma Groupe. The total cash consideration upon completion will be €3.2 billion (£2.8 billion).
The transaction is subject to French works council consultation and customary regulatory approvals. Completion is expected to take place by the end of 2021.
Slaughter and May, led by corporate partner Richard Smith, have been working closely with the Aviva legal team, led by Kirsty Cooper, Neil Harrison and Kat Goulder. Bredin Prat, led by Olivier Saba, are advising on the French law aspects of the transaction.
Slaughter and May has also advised Aviva on the disposals of its interests in Hong Kong and Indonesia, the sale of its majority shareholding in Aviva Singapore and its exit from Vietnam. The sale of Aviva France is another step in Aviva’s strategy to focus on the UK, Ireland and Canada.