Aviva PLC announced on Tuesday that it was selling its French business to mutual insurer Aema Groupe for 3.2 billion euros in cash.
The FTSE 100 listed insurer announced that the transaction is expected to close by the end of this year.
The company said the deal would significantly strengthen its liquidity position and generate significant value for shareholders.
Aviva said it will use the proceeds to support its debt reduction plan, make investments for long-term growth, return excess capital to shareholders, and repay part of its internal loan with Aviva Insurance Ltd. to accelerate.
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