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Allianz, Nippon Life vying for Aviva's Singapore and Vietnam units for up to US$2.5b: sources
[HONG KONG] German insurer Allianz, Nippon Life and MS&AD Insurance are vying with rivals to buy the Singapore and Vietnam businesses of Britain's Aviva, in a deal likely to be worth up to US$2.5 billion, sources said.
Canada's Sun Life Financial is also among roughly half a dozen suitors competing for the businesses, said the people with knowledge of the matter, who declined to be named as the deal talks are confidential.
The combined deal value for the businesses is estimated to be between US$2 billion and US$2.5 billion, they said, adding that talks were at an early stage and terms could change.
Aviva did not immediately respond to a request for comment outside London business hours. Allianz, Nippon Life, MS&AD and Sun Life declined to comment.
The names of the potential buyers and the specifics of Aviva's planned divestment in Asia have not been previously reported.