Allianz SE (XTRA:ALV) entered into an agreement to acquire Poland business from Aviva plc (LSE:AV.) for €2.5 billion on March 26, 2021. Allianz will acquire Aviva's interests in life insurance business in Poland and Lithuania, and its Polish general insurance, asset management and pensions businesses, including a portfolio of financial advice, digital distribution and price comparison businesses. The Aviva Poland business to be sold also includes Aviva's 51% shareholding in life and general insurance joint ventures with Santander (Santander Aviva TUnZ and Santander Aviva TU, respectively). The management and employees of Aviva Poland will transfer with the business.

For the year ended December 31, 2020, Aviva Poland reported net income of £130 million (€145.1 million), gross assets of £3.9 billion (€4.3 billion) and net assets of £0.4 billion (€446.2 million). The transaction is subject to regulatory approvals and anti-trust approvals. As of August 9, 2021, EU commission approved the deal. The transaction is expected to be complete within next twelve months. Aviva expects to use the increased capital and cash to support its previously communicated capital framework of debt reduction, investment for long-term growth and return of excess capital to shareholders. The transaction will be immediately earnings accretive and comprises a purchase price of €2.7 billion and a dividend payment of €0.2 billion. Kirstine Cooper, Neil Harrison, Kat Goulder and Alexandra Eadie were the in house advisors to Aviva. Claire Jackson, Richard Smith, Nick Pacheco, William Watson, Rob Sumroy and Anna Lyle-Smythe of Slaughter and May, Juozas Rimas and Akvile Bosaite of Cobalt Legal and Jakub J-Ödrzejak, Jakub Pokrzywniak, Ben Davey, Aleksander Stawicki, Agata Szczepa+äczyk-Piwek, Marcin Smolarek and Krzysztof Wawrzyniak of Wiercinski, Kwiecinski, Baehr Spolka komandytowa acted as legal advisors to Aviva. Alexander Franz, Felix Heyd, Daniel Gunther, Steffen Dahlem and Andreas Piehlmeier were the in house legal advisors to Allianz. Tomas Kontautas, Mantas Petkevicius of Sorainen acted as legal advisors to Allianz. Stephen Horvath III, Lukasz Pawlak, Lejb Fogelman, Maciej Pietrzak, Michal Bobrzynski, Robert Gago, Anna Halas-Krawczyk, Graham Iversen and Maciej Kacymirow of Greenberg Traurig Germany, LLP acted as legal advisors to Allianz. JPMorgan Chase & Co. (NYSE:JPM) acted as financial advisor to Aviva plc. Carsten Berrar of Sullivan & Cromwell LLP represents Goldman Sachs Bank Europe SE which acted as financial adviser to Allianz SE. Pawel J. Szaja, Nick Withers, Gina Malone of Shearman & Sterling LLP acted as legal advisor to Santander Bank Polska.

Allianz SE (XTRA:ALV) completed the acquisition of Poland Business of Aviva from Aviva plc (LSE:AV.) on November 30, 2021.