FRANKFURT (Reuters) -A consortium that includes Allianz, BlackRock and T&D Holdings are investing in Viridium Group in a 3.5 billion euro ($3.82 billion) deal that will see the private equity company Cinven exit as a majority investor, the companies said on Wednesday. Viridium is a company that specializes in buying existing life insurance portfolios, and […]
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Allianz, BlackRock and T&D in consortium for Cinven’s Viridium stake
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FRANKFURT (Reuters) -A consortium that includes Allianz, BlackRock and T&D Holdings are investing in Viridium Group in a 3.5 billion euro ($3.82 billion) deal that will see the private equity company Cinven exit as a majority investor, the companies said on Wednesday.
Viridium is a company that specializes in buying existing life insurance portfolios, and it will continue to operate as a stand-alone platform.
The sale has been in the works for months and Reuters reported last week that a deal was near.
T&D, a Japanese insurer, will hold the biggest share. Generali and Hannover Re , which were already investors, will remain shareholders.
“The consortium is structured to also enable the addition of other long-term financial investors,” the companies said.
($1 = 0.9168 euros)
(Reporting by Tom Sims and Alexander Huebner; editing by Matthias Williams and Madeline Chambers)