10th Nov 2014 08:16
LONDON (Alliance News) - Aviva PLC on Monday said it has closed the initial public offering for its joint venture AvivaSA Emeklilik ve Hayat AS in Turkey.
Aviva said the business is expected to be listed on Borsa Istanbul from November 13.
The final price on the deal is TRY47 per lot of 100 shares, towards the top end of guidance at TRY41 to TRY49, giving the business a value of TRY1.68 billion.
Aviva said in September it would float a minority stake in the company.
Separately, Aviva said the AvivaSE business and Turkish bank Akbank TAS have agreed to extend their bancassurance deal for a further seven years to 2029.
"Turkey is an extremely attractive market to Aviva, with excellent growth prospects. We have a strong position in life and pensions and a long successful relationship with Sabanci. I'm delighted that we extended our distribution agreement with Akbank to 2029," said Aviva Europe Chief Executive Officer David McMillan.
Aviva shares were up 0.2% to 526 pence in early trade on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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