Insurer Aviva said today it should generate proceeds of £1.1bn through Europe’s biggest stock market listing of the year so far.
The sale of a 42% stake in Dutch subsidiary Delta Lloyd is expected to free up capital as well as provide Britain’s biggest insurer with greater flexibility to explore growth opportunities.
Announcing the terms of the offer today, Aviva said it expected shares in Delta Lloyd to begin trading on Euronext Amsterdam on November 3. Aviva will retain a 57% stake in the subsidiary.
The operation is one of the top five financial services providers in the Netherlands, with around £40bn in assets under management. It employs about 6,400 staff.
The listing is taking place sooner than expected after Aviva said at its interims in August that a sale would not take place until next year.
However, the improvement in the health of equity markets and the high level of interest among Dutch institutional investors have encouraged Aviva to move more quickly.
The share sale is one of the biggest offerings in Europe for at least 18 months.
