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.
Single site Solicitor practice based in the Beds, Bucks and Berks borders with good profits on a turnover of £350,000.
LEASEHOLD
This is a fantastic opportunity to purchase a positively branded financial advisory firm with an innovative and contemporary approach to business whilst retaining traditional standards of excellence in client service.
LEASEHOLD
Provides a range of online and face-to-face training programmes on modules including, but not limited to, financial modelling, business valuation, corporate credit, bank analysis and capital structuring. Caters to 25 active international clients and...
RELOCATABLE
|
20
|
|
May
|
Administrators seek buyer for gourmet instant noodle brand | ADMINISTRATION
Bournemouth-based instant foods brand Mr Lee’s Pure Fo...
|
19
|
|
May
|
Knights continues acquisition-lead growth strategy with £11.5m deal for law firm | BUSINESS SALE
Legal services company Knights has acquired Portsmouth-headq...
|
18
|
|
May
|
Insolvencies forecast to surge 37 per cent in 2022 as inflation hits 40-year high | BUSINESS NEWS
Businesses in the UK look set to come under continuing press...
Sign up to receive our acquisition alert emails to get your FREE guide
|
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