The Aéma group, born from the merger of mutual insurers Macif and Aésio, announced on Tuesday that it had entered into exclusive negotiations with British insurer Aviva to buy back its French branch for an amount of 3.2 billion euros.
“Aéma Groupe has expressed its interest in acquiring Aviva France and has submitted a firm offer through its affiliate Macif,” a group press release indicates.
“After several weeks of joint work, the two groups have decided to enter into exclusive negotiations,” said Aéma, which will rely on its “own funds” as well as on “debt raising” to finance the operation.
Extend Aéma’s service offering
This buyout project is part of Aéma’s strategy to “become a benchmark player in the insurance market in France”.
Aviva France achieved a net profit of 335 million euros in 2019 for a turnover of 7.8 billion euros. This entity, which has 4,200 employees, also relies on a distribution network made up of nearly a thousand agents and as many partner brokers.
This generalist insurance player enjoys “strong positions in retirement savings, on the non-life insurance, provident insurance, health insurance, asset management and professional insurance markets” , underlines the press release.
The operation would give birth to “one of the top five insurance groups in France”, which would achieve a turnover of 16 billion euros.