March 15, 2013
Aviva plc (“Aviva”) has announced the sale of Aviva Russia to Blagosostoyanie, a non-state pension fund in Russia, for a consideration of €35 million. This transaction is consistent with Aviva’s strategy to narrow the Group’s focus to businesses and markets where Aviva has leadership positions.
Latham & Watkins advised the Aviva Group on the deal with a cross-border corporate team from the firm’s Moscow and London offices, led by mergers & acquisitions partner Martin Saywell in London and mergers & acquisitions partner Chris Allen and associate Mikhail Vardanian in Moscow. The deal represents the firm’s first disposal for Aviva.
London partner Martin Saywell said: “We are very pleased to have advised on this deal for a such a high profile and leading European financial institution, and to assist Aviva to implement the group’s strategy. The mandate underscores the strength of our European corporate platform and our financial institutions expertise.”