US private equity giant buys LV= for £530m

Written by Adam Cadle

15/12/2020

Life insurer LV= is to sell itself to private equity group Bain Capital in a £530m deal.

The sale will lead to a cash payout for LV’s 1.3 million members.

The deal follows the sale, for a total of £1.1bn, of LV='s general insurance business to Allianz of Germany last year.

Alan Cook, LV's chairman, said significant long-term investment was needed for the provider to remain sustainable as a standalone life and pensions business.

Cook said: “The board is delighted to have secured an attractive price and unanimously agreed that the transaction with Bain Capital presents an excellent financial outcome for all our members, as well as offering an unrivalled commitment to LV’s future prospects, business and people. 

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