Aéma Groupe entered into an exclusive Memorandum of Understanding to acquire AVIVA France SA from Aviva plc (LSE:AV.) for €3.2 billion on February 23, 2021. The consideration includes €1.1 billion in respect of Aviva France's intra-group debt. The transaction covers the French life, general insurance, and asset management businesses and the (75%) shareholding in UFF. The French asset management operations of Aviva Investors will form part of the transaction. The financing of the acquisition will rely on the group’s equity and the issuance of €1.75 billion subordinated debt. As on June 8, 2021, Aéma Groupe announced its intention to raise Euro subordinated debt in the capital market as part of Aviva France acquisition financing. As at June 30, 2020, the gross assets and IFRS net asset value of Aviva France were £91.2 billion (€100.34 billion) and £2.4 billion (€2.64 billion) respectively. Management and employees of Aviva France will transfer with the business, which is planned to operate as a standalone autonomous entity within the Aéma Groupe, ensuring continuity of service. The transaction is subject to French works council consultation and customary conditions, including regulatory approvals, and is expected to complete by the end of 2021. As on July 12, 2021, The Competition Authority approved the takeover of Aviva France by Aéma. 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. Part of the cash proceeds [up to £0.5 billion (€0.55 billion)] will be used to accelerate repayment of some of the Group's internal loan with Aviva Insurance Limited. Lazard and Crédit Suisse acted as financial advisors, White & Case and Fomont Briens acted as legal advisors and EY acted as an accountant and financial advisor to Aéma Groupe. Richard Smith, William Watson, Rob Sumroy and William Turtle of Slaughter and May and Olivier Saba of Bredin Prat & Associes acted as legal advisor to Aviva plc. J.P. Morgan acted as financial advisor to Aviva plc. Aéma Groupe completed the acquisition of AVIVA France SA from Aviva plc (LSE:AV.) on September 30, 2021. Gilles Gaillard Paul Boutron and Carmès of Advant Altana acted as legal advisor to Aéma Groupe in the deal.