UK insurance giant Aviva has agreed to sell its entire 40% shareholding in its pension and life insurance joint venture in Turkey, AvivaSA Emeklilik ve Hayat AS (Aviva SA), to Ageas Insurance International.
The sale involves a cash consideration of GBP122m ($173m), says Aviva in a statement.
Aviva’s joint venture partner, Sabanci Holding, will retain its 40% shareholding after the sale.
The deal is subject to customary closing conditions, including regulatory approval, and is expected to complete this year.
The sale is part of Aviva's strategy to bring greater focus to its portfolio by focussing on Britain, Ireland and Canada and reducing its focus on Asia and Europe. Last year, Aviva sold its operations in Singapore, Italy and Indonesia. Earlier this week, Aviva announced the sale of its French operations to Aema Group.