UK-based mutual insurer Royal London is rumoured to be in late-stage talks to take over Manchester-based insurance company LV=.
According to Sky News, the deal would be in excess of £500m, but substantially less than £1bn ($1.3bn, €1.1bn).
The merger would bring together the pensions, life insurance and asset management businesses of the two mutual insurance companies.
If the takeover goes ahead, it will end LV=’s 177-year status as an independent business.
Discussions with many parties
But Royal London is not the only firm that has shown interest in a potential take–over.
“The board of Liverpool Victoria Financial Services (LV=) notes the recent press speculation and confirms that, as part of a previously announced strategic review, it has been and remains in discussions with a number of parties regarding a potential transaction.
“Discussions are on-going and there can be no certainty that the discussions will result in any transaction being agreed or with whom.
“A further announcement will be made if and when appropriate.”
International Adviser reached out to Royal London, but the firm declined to comment.
