A vote on the deal was recently held
Direct Line Group (DLG) shareholders have approved Aviva’s £3.7bn takeover of the insurer.
Shareholders voted on the deal yesterday (10 March 2025) after the board of directors at both firms announced they had agreed terms over an acquisition in December 2024.
Ahead of the vote, a scheme document was put together, with it being intended that the acquisition will be implemented by way of a court-sanctioned scheme of arrangement under part 26 of the Companies Act.
This can be used to action the reorganisation of a company or group structure and requires approval by at least 75% to be effective.
In a statement, DLG said that “the requisite majority of Direct Lines shareholders voted in favour of the special resolution to implement the scheme”.
Completion
Prior to the vote, Aviva said that the acquisition was progressing in line with expectations.
Read: Aviva issues DLG update as it reveals UK&I GI premiums up 16%
Read: Aviva seeks to ‘improve connectivity’ with scheme broker partners in 2025
Explore more M&A-related content here, or discover other news stories here
Aviva chief executive Amanda Blanc added that the deal was “on track and is a clear opportunity to accelerate our capital-light growth, deliver brilliant service to millions more customers and support the wider development of the UK economy”.
With the deal having been approved by shareholders, the transaction is on track to complete in mid-2025.
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
No comments yet