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Allen & Overy advises Aviva in the sale of Aviva Vita to UBI Banca

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Ghiglione Paolo
Paolo Ghiglione

Partner

Milan

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Savo Giorgio
Giorgio Savo

Associate

Milan

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Canepone Cristina
Cristina Canepone

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Milan

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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.