Allen & Overy advises Aviva in the sale of Aviva Vita to UBI Banca
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24 November 2020
Allen & Overy, with a team led by partner Paolo Ghiglione and associate Giorgio Savo, has advised Aviva in the sale of its entire 80% shareholding in the Italian life insurance joint venture Aviva Vita S.p.A. to its partner UBI Banca.
On completion of the transaction, expected in 2021 and subject to customary closing conditions including regulatory approval, Aviva will receive c.EUR400 million in cash consideration and, in addition, the repayment in full of a EUR40 million subordinated loan provided by Aviva Italia Holding S.p.A. to Aviva Vita.