Tue, 30 Apr 2019 | DIVISION SALE
Allianz has revealed that they're holding "exclusive talks" with Legal & General amid plans to buy their home insurance business for up to £350 million.
The German insurance giant has stated that it is in advanced talks to buy the L&G home and pet insurance division, which was put up for sale towards the end of last year.
A successful acquisition of L&G's home insurance branch would make Allianz a much larger presence in the UK market, particularly after their 2017 deal for a joint venture with LV=, which made them the third largest personal insurance in Britain. Allianz had paid an impressive £500 million for a 49 per cent stake in the LV= general insurance business.
According to a source close to Allianz, the deal could be worth between £250 million and £350 million and is thought to be close to being finalised, although it could still fall through.
The exclusive talks with Allianz follows news in December that a number of the country's largest insurance groups were hoping to bid on L&G's home and pet insurance division. Potential candidates included Direct Line, which was thought to be preparing an offer of around £400 million.
Despite the potentially lower offer from Allianz, L&G has expanded significantly under the leadership of chief executive Nigel Wilson, who took over leadership of the company in 2012.
With Wilson at the helm, the firm has gained a greater market share and last month became the first British investment manager to look after more than £1 trillion of savers' money. The firm also revealed last year that it has total assets of £32.2 billion.
Presenting a distinct mortgage affiliates with approximately 110 advisers, substantial revenues and a model that is appealing to many.
This is a highly profitable, HNW IFA in Surrey with just over 100 households, servicing a quality group of clients.
Established over 25 years managing £50m, the average investment per household is over £250,000 and thus the vast majority of clients are profitable to service.
17
|
Jan
|
Management buy-in at historic Welsh engineering firm | MBO/MBI
Family-run engineering, fabrication and machining business A...
17
|
Jan
|
Cardo Group steps up expansion drive with Scottish deal | BUSINESS SALE
Cardo Group has made its first move into Scotland with the a...
17
|
Jan
|
IG Group buys investment platform Freetrade | BUSINESS SALE
Listed firm IG Group Holdings has bought investment platform...
14
|
Sep
|
Norwich’s Royal Arcade up for sale for £1.25m | COMMERCIAL PROPERTY
The Royal Arcade shopping centre In Norwich is up for sale w...
26
|
Oct
|
Legal & General sells personal investing business to Fidelity | BUSINESS SALE
Legal & General Group has agreed the sale of its personal in...
04
|
Apr
|
Last Word Media business bought for up to 9x EBITDA | BUSINESS SALE
International B2B media company Last Word Media has been acq...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.