Aviva’s proposed acquisition of Friends Life has been given the go-ahead by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), following the agreement reached in December.
The two businesses announced on 2 December that it had agreed terms for the £5.6bn merger in which Aviva’s takeover of Friend’s Life will create the UK’s largest insurance, savings and asset management firm.
The FCA and PRA said while all regulatory approval had been passed on the deal, it still remained subject to the satisfaction or waiver of remaining conditions set out in the scheme of arrangement.
In January, Aviva warned that the acquisition of Friends Life could result in as many as 1,500 jobs being cut.
