Allianz, BlackRock and T&D Holdings have invested in German life insurance consolidation firm Viridium.
The three firms join Generali Financial Holdings and Hannover Re in the ownership consortium. T&D Holdings is taking the largest share of the €3.5 billion investment transaction.
Private equity firm Cinven has uninvested from its majority share in the company.
Viridium operates independently, specialising in closed life insurance portfolio management. It currently serves 3.4 million policyholders.
The transaction is expected to close in Q2 2025, subject to regulatory and merger-control approvals.
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