Aviva to acquire Succession Wealth for £385m

Aviva is reportedly set to acquire Succession Wealth for a consideration of £385 million, according to an announcement from the Group on Wednesday.

The multinational insurance company’s share price saw a rise of 1.6% at noon to 413.1p.

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The consideration will reportedly be paid in cash, and is expected to deliver a “double digit return on invested capital in the medium term.”

The company added that the transaction is anticipated to be completed in H2 2022, subject to FCA approval.

Succession Wealth will reportedly continue its operations as a separately regulated, independent firm under the Succession Wealth brand.

Aviva mentioned that the estimated 2022 EBITDA for Succession Wealth is expected to be around £24 million, on a pro forma basis.

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“The acquisition of Succession Wealth boosts Aviva’s presence in the fast-growing UK wealth market; supports our strategy to grow sustainably; and expands Aviva’s ability to offer high quality financial advice to millions of our customers,” said Aviva CEO Amanda Blanc.

Succession Wealth CEO James Stevenson added: “We are delighted to become part of Aviva and to offer our independent financial planning capability to Aviva customers who don’t have an adviser.”

“The demand for financial advice across the entire wealth spectrum has never been greater, and the opportunity to combine Succession Wealth’s holistic financial planning expertise, with the capabilities and customer reach of Aviva is hugely exciting.”

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