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LV= completes sale of stake in UK general insurance biz to Allianz

Liverpool Victoria Friendly Society Ltd. completed the planned sale of a 49% stake in its U.K. general insurance businesses to Allianz Group, both companies said Dec. 29.

The deal represents the first part of an earlier joint venture agreement between Allianz and LV= to create the third-largest personal insurer in the British market. Under this first stage, Allianz paid £500 million for the 49% stake in LV='s U.K. general insurance operations.

The second stage of the transaction, which will take place in 2019, will see Allianz pay £213 million for an additional 20.9% stake in the general insurance businesses, through an agreed, forward purchase, based on a total valuation of £1.02 billion for 100% of the businesses.