OREANDA-NEWS. Aviva plc (“Aviva”) announces the closing of the initial public offering of ordinary shares of its joint venture AvivaSA Emeklilik ve Hayat A.S. (“AvivaSA”). The company is expected to be listed as “AVISA” on Borsa Istanbul from 13 November 2014. The final price is TL 47 per lot of 100 shares, in the top quartile of the initial price range of TL 41-49, valuing the company at TL 1.68 bn. The pricing represents an implied multiple of 18x AvivaSA's historical net income2.

Aviva announced in September 2014 its intention to offer to the public market a minority stake in AvivaSA, one of Turkey's largest private life and pensions providers.

Separately, AvivaSA and Akbank agreed to extend their exclusive bancassurance agreement for another seven years, until 2029. Akbank will continue to sell AvivaSA's life and pensions products on an exclusive basis through its leading banking network in Turkey.

The listing and settlement of the initial public offering is subject to customary legal and regulatory requirements.

David McMillan, Chief Executive Officer Aviva Europe, said:

“Turkey is an extremely attractive market to Aviva, with excellent growth prospects. We have a strong position in life and pensions and a long successful relationship with Sabanc.

“I'm delighted that we extended our distribution agreement with Akbank to 2029.”