December 29, 2017 / 7:09 AM / 25 days ago

BRIEF-LV= completes sale to Allianz of 49 pct of general insurance business

Dec 29 (Reuters) -

* LV= COMPLETES SALE OF 49% STAKE IN GI BUSINESS

* LV= ‍TOTAL CONSIDERATION AT THIS FIRST STAGE OF TRANSACTION IS £500 MILLION​

* LV= ‍SECOND STAGE OF TRANSACTION WILL TAKE PLACE IN 2019 WHEN ALLIANZ WILL PAY AN ADDITIONAL £213 MILLION FOR A FURTHER 20.9 PERCENT STAKE IN LV= GI​

* LV= ‍AGREED, FORWARD PURCHASE BASED ON A TOTAL VALUATION OF £1.020 BILLION FOR 100 PERCENT OF LV= GI​

* ‍LV= HAS A PUT OPTION UNDER WHICH IT CAN SELL ALL OR PART OF ITS REMAINING SHARES TO ALLIANZ AT ANY TIME​ Source text for Eikon:

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