Apollo to buy Aviva?
Per the term sheet on cnnmoney.com: Apollo Global Management is in pole position to acquire Aviva PLC‘s (LSE: AV) U.S. life insurance and unities unit, according to Bloomberg. Apollo is partnering with Guggenheim Partners on its bid, which is expected to be at a “substantial discount” to the unit’s book value. Harbinger Group also has submitted an offer. www.aviva.com.
You can read more about this deal and others, here: http://finance.fortune.cnn.com/2012/11/15/private-equity-deals-243/
We’ve known for awhile that Guggenheim, Harbinger and Apollo were all interested in buying Aviva. At this point, it looks like it is going to be some sort of Apollo/Guggenheim combination that purchases the carriers USA division. We will continue to keep our eyes on this story.