Cinven nears $3.8 billion sale of Viridium to Allianz

Cinven is finalizing the sale of Viridium Group , Germany’s largest life insurance administrator, to an Allianz-led consortium in a €3.5 billion ($3.8 billion) deal.

The buyers include Allianz, BlackRock, T&D, and Generali, which already holds a 10% stake.

Cinven, the majority owner since 2013, has grown Viridium into a key player in closed-book life insurance. Hannover Re, which co-founded Viridium, is expected to divest its stake partially or fully.

The transaction marks a significant exit for Cinven, which has been consolidating life insurance portfolios.

Hannover Re stated the sale would not materially impact its earnings. Allianz and Cinven declined to comment.