Allianz buys remaining share of LV= General Insurance
For up to £365m
Allianz to own 100% LV=GI following transaction worth £1.078bn
LV= has agreed to sell its remaining 30.1% stake in LV= GI to Allianz Group after 49% was bought in December 2017. The latest sale, worth £365m, sees the withdrawal of LV= from its general insurance partnership with Allianz. Allianz acquired the initial stake for £500m and the second stage of the transaction will take place at the end of 2019 where Allianz will pay £213m for a further 20.9% through an agreed forward purchase. The overall sale, which will close on 31 December 2019, will cost...
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