Hogan Lovells advises the Aviva Group on the sale of its stake in Santander Aviva TUnŻ and Santander Aviva TU

Press releases | 07 April 2021

The Hogan Lovells Warsaw office has advised the Aviva Group on the sale of its 51% stake in Santander Aviva Towarzystwo Ubezpieczeń na Życie (life insurance business) and Santander Aviva Towarzystwo Ubezpieczeń (non-life insurance business) to the Allianz Group. The joint venture entities are part of the long-term, strategic bancassurance partnership between Aviva Group and the Santander Group in Poland.

This deal is part of the largest M&A transaction in the Polish insurance market to date – the sale of Aviva’s entire shareholding in Poland to the Allianz Group. The entire transaction also encompasses the sale of Aviva’s Polish life and property insurance operations, as well as its pension fund and asset management operations.

The transaction is valued at approximately EUR 2.5 billion and subject to regulatory approvals. It is expected to be completed within 12 months.

The Hogan Lovells team was led by corporate partner Beata Balas-Noszczyk (also Office Managing Partner for Warsaw) with support from Tomasz Grygorczuk (Counsel), Bartosz Romanowski (Counsel), and Maryla Surowiec (Senior Associate).

Aviva’s leading transactional counsels were Slaughter and May, alongside WKB [Wierciński, Kwieciński, Baehr]