EU and US could reach trade deal this weekend - Reuters
Investing.com -- Aviva (LON:AV)’s £3.7 billion ($4.79 billion) acquisition of insurance rival Direct Line (LON:DLGD) is on track to be finalized next month following "constructive" discussions with UK competition authorities.
In a joint stock exchange filing on Tuesday, Aviva and Direct Line confirmed that both the Financial Conduct Authority (FCA) and the Prudential (LON:PRU) Regulation Authority (PRA) have provided written approval for the transaction.
"As a result, Aviva and Direct Line are pleased to confirm that all conditions relating to the receipt of regulatory and antitrust approvals have now been satisfied or (where capable of waiver) waived," the insurers stated in their Tuesday morning announcement.
The London-listed Aviva’s takeover of Direct Line represents a major consolidation in the UK insurance market, with all regulatory hurdles now cleared for the deal to proceed.
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