Allianz consortium finalizes $3.8 billion Viridium acquisition

An Allianz-led consortium is set to finalize a $3.8 billion deal to acquire Germany's largest life insurance administrator, Viridium, next week. The sale is from financial investor Cinven. Allianz will take a 25 percent stake in Viridium. The consortium also includes Blackrock, T&D, and Generali, which holds a 10 percent stake. Hannover Re will sell all or part of its stake in Viridium. The company's CFO stated that the deal would not significantly affect earnings.