Aviva and Friends in £5.2bn merger

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Published: Tuesday 2nd December 2014 by The News Editor

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Insurance giant Aviva is to buy rival Friends Life in a deal worth £5.2 billion.

The two companies confirmed details of the merger a week after disclosing that they were in advanced talks about creating the UK’s leading insurance, savings and asset management business by number of customers.

The addition of Friends Life will extend Aviva’s customer base from 11 million to 16 million and is “financially and strategically compelling”, according to Aviva chief executive Mark Wilson.

He added: ” It is one of those rare transactions where the two organisations fit with surgical precision, building on each other’s strengths and addressing the challenges.”

Published: Tuesday 2nd December 2014 by The News Editor

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