MUNCH, March 13 (Reuters) – A consortium led by Allianz is nearing a successful bid to acquire Viridium, Germany’s largest life insurance administrator. The deal, valued at 3.5 billion euros ($3.80 billion), is expected to be finalized next week, according to two industry sources who spoke on Thursday.
Allianz (ALVG.DE) will take a 25% stake in Viridium, one source revealed. The consortium also comprises U.S. asset manager Blackrock (BLK.N), Japanese life insurer T&D (8795.T), and Italian insurer Generali (GASI.MI), which already holds a 10% stake in Viridium.
Hannover Re, which originally founded Viridium alongside financial investor Cinven, is set to sell its entire or partial stake, according to the Versicherungsmonitor industry service which first reported the news.
Hannover Re Chief Financial Officer Clemens Jungsthoefel commented on Thursday, stating that the potential deal would have no significant impact on the company’s earnings.
Allianz and Cinven have declined to comment on the matter. Blackrock and T&D were unavailable for immediate comment.
(1 = 0.9214 euros)
