German insurer Allianz nears deals to acquire Aviva’s Polish unit for $2.94 billion

According to sources familiar with the matter at hand, German insurer Allianz is closing in on a $2.94 billion (2.5 billion euro) deal to acquire Aviva’s Polish unit.

“Allianz is close to entering exclusive talks with Aviva and a deal could be announced as soon as Friday,” said sources on the condition of anonymity.

Aviva’s spokesperson confirmed that the British insurer was exploring options for its Polish business.

While Allianz and Generali declined comment, NN was not immediately available for comment.

Incidentally, Aviva is Poland’s second-biggest life insurer after state-owned PZU. Its Its Polish business also includes two key bancassurance partnerships with Santander and ING.

Allianz has an existing presence in the life insurance and general insurance business in Poland; it also has businesses interests in various eastern European markets including in Ukraine and Russia.

Generali and NN came close to matching Allianz’s bid after Aviva gave bidders a chance to sweeten their binding bids which were initially submitted on March 22, said sources.

“Aviva is the real winner in this auction,” said one of the sources while adding that the London-listed insurer had lured bidders to pay up using the strategic geographical positioning of the asset.

Earlier this year on March 4, Aviva had sold its life insurance businesses in Italy to France’s CNP Assurances for 543 million euros.

($1 = 0.8496 euros)

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