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Exclusive: Allianz, Nippon in race to buy Aviva's Asia units for up to 2 billion pounds - sources

Exclusive: Allianz, Nippon in race to buy Aviva's Asia units for up to 2 billion pounds - sources
FILE PHOTO: An Aviva logo sits on the window of the company head office in the city of London, Britain March 7, 2019. REUTERS/Simon Dawson -
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Simon Dawson(Reuters)
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By Sumeet Chatterjee and Anshuman Daga

HONGKONG/SINGAPORE (Reuters) – German insurer Allianz <ALVG.DE>, Nippon Life and MS&AD Insurance <8725.T> are vying with rivals to buy the Singapore and Vietnam businesses of Britain’s Aviva <AV.L>, in a deal likely to be worth up to $2.5 billion (2.01 billion pounds), sources said.

Canada’s Sun Life Financial <SLF.TO> is also among roughly half a dozen suitors competing for the businesses, said the people with knowledge of the matter, who declined to be named as the deal talks are confidential.

The combined deal value for the businesses is estimated to be between $2 billion and $2.5 billion, they said, adding that talks were at an early stage and terms could change.

Aviva did not immediately respond to a request for comment outside London business hours. Allianz, Nippon Life, MS&AD and Sun Life declined to comment.

The names of the potential buyers and the specifics of Aviva’s planned divestment in Asia have not been previously reported.

(Reporting by Sumeet Chatterjee in Hong Kong and Anshuman Daga in Singapore; Editing by Muralikumar Anantharaman)

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