(MENAFN) British insurance giant Aviva confirmed a deal to buy rival Friends Life for more than USD7.83 billion which will create the country's biggest insurer, AFP reported.
Aviva, which has restructured considerably under Wilson, revealed in November that it was in talks with Friends over a potential tie-up.
The transaction is valued at USD8.25 billion, according to the terms of the deal and taking into account Aviva's closing share price on Monday.
"By combining the market-leading strengths of the two businesses, we will create the UK's leading insurance, savings and asset management business," Friends Life chairman said.
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