By Maximilian Clarke
Aviva (LSE: AV) are selling their Romanian and Czech branches to MetLife, Inc, in order to strengthen focus on their core markets.
The transaction, which is subject to regulatory approvals in each jurisdiction, is expected to be completed during 2012. As at 30 June 2011, the combined net assets of the businesses were approximately €57 million.
“We are pleased to have agreed the sale of our businesses in Czech Republic, Hungary and Romania to MetLife,” commented Andrew Moss, the group’s chief executive.
“This transaction is another step to further focus the group on our priority markets.”
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