Aviva to buy Friends Life in £5.6bn deal

Aviva said it had reached agreement on key financial terms, adding the combined businesses would create the “UK’s leading insurance, savings and asset management business”. It also said the deal would strengthen both company’s balance sheets through substantial synergies which would accelerate dividend growth. The combined businesses wold have 16 million customers, a note to the stock exchange said. The deal would see Aviva offer Friends Life shareholders 0.74 shares for each Friends Life share. It would also boost profits and assets under management at Aviva Investors through the addit...