About half a dozen companies are looking to acquire the Singapore and Vietnam businesses of Aviva PLC for a combined deal value of between $2 billion and $2.5 billion, Reuters reported, citing sources.
These include Allianz Group, Nippon Life Insurance Co., MS&AD Insurance Group Holdings Inc. and Sun Life Financial Inc. The discussions are in the early stages and terms could change, the sources said.
They added that the deadline for first-round bids was in the week of Sept. 16. Aviva is reportedly keen to complete a transaction by the end of the year.
Aviva, Allianz, Nippon Life, MS&AD and Sun Life declined to comment to the news outlet. It was reported in August that Aviva was mulling its options for its Asian business.
Aviva's new CEO, Maurice Tulloch, has vowed to simplify the business as it would make the U.K. insurer become more efficient.
