Aviva set to acquire Direct Line

After a failed attempt in November 2024, Aviva is now back with a fresh and improved bid to acquire rival Direct Line Insurance Group.

The two UK insurers signed a preliminary agreement on 6 December 2024 regarding the financial terms of Aviva's potential acquisition of the entire share capital of Direct Line. The transaction is valued at 3.61 billion GBP (4.6 billion USD).

A few weeks earlier, Direct Line had rejected a 3.28 billion GBP (4.15 billion USD) takeover bid from Aviva .

Under current UK law, Aviva has until 25 December 2024 to make a binding offer.