Consortium led by Allianz is close to acquiring Viridium - Reuters

A consortium led by Allianz (ETR:ALVG) is nearing the acquisition of Viridium, Germany's largest life insurance manager. According to Reuters, citing industry sources, the €3.5 billion ($3.8 billion) deal is expected to be finalized next week.

The German multinational financial services company Allianz is preparing to acquire a 25% stake in Viridium. Other consortium members include American asset manager Blackrock, Japanese life insurer T&D, and Italian insurer Generali, which already holds a 10% stake in Viridium. Viridium was established by Hannover Re and financial investor Cinven, with reports indicating that Hannover Re plans to sell all or part of its stake in the company. Hannover Re’s CFO Clemens Jungsthoefel stated on Thursday that the potential deal would not have a significant impact on the company's earnings.