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Aviva To Sell Italian Business To UBI Banca For €400M – Law360

Law360, London (November 23, 2020, 12:18 PM GMT) — Aviva said Monday it will sell its majority stake in the Italian life insurance company Aviva Vita for €400 million ($476 million), as the British giant seeks to reshape its international business.

Aviva has said its 80% shareholding in the Italian life insurance company will pass to its minority partner in the business, UBI Banca. (iStock) Aviva PLC said its 80% shareholding in the company will be passed to its minority partner in the business, Italian bank UBI Banca. The deal will be completed in the first half of 2021 if it gains regulatory approval, Aviva said.

The British insurer wants…