Ashurst and Uría Menéndez advise on Aviva-Bankia transaction

Ashurst advised Aviva on the sale of its entire shareholding in life insurance and pensions joint ventures Cajamurcia Vida and Caja Granada Vida to Bankia, which instructed Uría Menéndez on the transaction.

The deal was valued at €202 million, according to Mergermarket.

The transaction is subject to regulatory and anti-trust approvals and is expected to be completed in the second quarter of 2018.

An Aviva statement said the transaction will result in an “increase of approximately £150 million in Aviva’s Solvency II capital surplus”.

It added: “Following completion of the transaction, Aviva will retain a stake in a small life insurance operation, Pelayo Vida, and a residual support centre in Spain.”