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Allen & Overy advises Aviva on the disposal of its insurance businesses in Italy

Allen & Overy has advised Aviva on the disposal of its insurance businesses in Italy. The deal, announced on 4 March 2021, is one of the most significant M&A deals in the insurance sector in recent years. 
The French insurance company CNP Assurance has acquired Aviva’s Life Insurance business for EUR543 million, through the purchase of 51% of the bancassurance joint venture with UniCredit and 100% of Aviva Life S.p.A..

Allianz has acquired Aviva’s General insurance business for EUR330 million through the purchase of Aviva Italia S.p.A.. 

These transactions, together with expected proceeds from the previously announced sale of the shareholding in Aviva Vita to UBI Banca, will result in over EUR1.3 billion of cash from the sale of Aviva’s insurance businesses in Italy. The deal is part of the restructuring plan announced by Aviva, which will now focus on its activities in United Kingdom, Ireland and Canada. 

The transactions are subject to customary closing conditions, including regulatory and anti-trust approvals, and are expected to complete in the second half of 2021.

Allen & Overy has advised Aviva with a cross-border and cross-practice team in Italy and the UK. In Italy the team was led by Corporate partner Paolo Ghiglione, supported by associates Giorgio Savo, Nicoletta Botta and Enrico Roveda, and trainee Davide Cinefra for corporate matters. Counsel Luca Amicarelli, with senior associate Marco Biallo and trainee Flavia Frascati advised for golden powers related themes. Counsel Emilio De Giorgi with associate Marco Lupoli and trainee Arianna Fletcher for antitrust profiles. Counsel Livio Bossotto with associate Claudio Chiarella for employment related aspects. Partner Francesco Guelfi supported by associate Simona Simone advised for tax profiles. 

The team in the UK was led by partners David Broadley and Claire Coppel, supported by associates Jenny Keenan, Laura Milward-Lynch and Zara Sproul.