LV= confirms demutualisation with Bain Capital sale

For £530m

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LV= confirms demutualisation with Bain Capital sale

LV= has agreed to sell its remaining pensions and insurance businesses to private equity firm Bain Capital

The insurer said that, as a result of the deal, the capital available for distribution is expected to increase by up to 40% - capital which will be used to increase payments to with-profits members. In an announcement today (15 December) LV= confirmed all members will benefit from a cash payment to compensate for loss of mutual membership on the full completion of the acquisition, which is likely to be at the end of 2021. The acquisition, still subject to approval, was first reported in June...

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