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LONDON - The High Court has sanctioned the scheme of arrangement for Aviva plc (LON:AV)’s acquisition of Direct Line (LON:DLGD) Insurance Group plc, according to a statement released Tuesday.
The scheme will become effective upon delivery of the court order to the Registrar of Companies, which is expected to occur later today. The UK Competition and Markets Authority (CMA) has also unconditionally cleared the acquisition following its Phase 1 investigation.
Trading in Direct Line shares on the London Stock Exchange (LON:LSEG)’s Main Market and their listing on the Official List of the Financial Conduct Authority are expected to be suspended from 7:30 a.m. on July 2, 2025. The final day for dealings in Direct Line shares is today, July 1.
Applications have been made for the de-listing of Direct Line shares from the Official List and cancellation of their trading admission on the Main Market, which will take effect by 8:00 a.m. on July 3, 2025, subject to the scheme becoming effective.
The acquisition, first announced on December 23, 2024, is structured as a recommended cash and share offer by Aviva for Direct Line’s entire issued and to be issued share capital. The transaction is being implemented through a court-sanctioned scheme of arrangement under Part 26 of the Companies Act.
The timetable of principal events remains unchanged from Direct Line’s announcement on June 17, 2025, regarding the satisfaction or waiver of conditions.
Morgan Stanley (NYSE:MS), Robey Warshaw, and RBC Capital Markets are acting as financial advisers to Direct Line, while Citi and Goldman Sachs International are advising Aviva.
This article is based on a press release statement from the companies.
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