Aviva to pocket a billion from Delta Lloyd sale

3rd Nov 2009 07:45

Insurer Aviva said shares in its Dutch financial services subsidiary Delta Lloyd have been sold at €16 each.The UK-based insurance giant revealed earlier this year it would be selling 42% of Delta Lloyd via a flotation and a private placement, but has only just announced the terms, which value the whole of Delta Lloyd at €2.65bn.Proceeds from the share sale will be €1.12bn (£1.03bn).Aviva said the flotation has been comfortably oversubscribed at the offer price. The shares will start trading today (Tuesday) on Euronext Amsterdam.‘The proceeds from this transaction will give Aviva greater flexibility, including exploring further growth opportunities,’ said Andrew Moss, chief executive of Aviva.