FRANKFURT, March 19 (Reuters) – A consortium involving Allianz, BlackRock, and T&D Holdings is set to invest 3.5 billion euros ($3.82 billion) in Viridium Group. This deal will see the private equity firm Cinven relinquish its majority stake, according to a statement released on Wednesday by the involved companies.
Viridium Group specializes in acquiring existing life insurance portfolios. The company will continue operating independently as a stand-alone platform.
The transaction has been under development for several months, with Reuters reporting last week that a deal was imminent.
T&D, a Japanese insurance provider, will hold the largest share in the investment. Generali and Hannover Re, already investors in Viridium, will retain their stakes.
“The consortium is structured to also enable the addition of other long-term financial investors,” the companies stated.
($1 = 0.9168 euros)
Reporting by Tom Sims and Alexander Huebner; editing by Matthias Williams and Madeline Chambers
