Aviva plc (LSE:AV.) agreed to acquire Probitas Holdings (Bermuda) Limited from Saudi Reinsurance Company and others for £240 million on March 3, 2024. Saudi Reinsurance Company's entire 49.9% stake in Probitas Holdings (Bermuda) Limited (PHBL), including its subsidiaries for a consideration of £120 million, to be paid in cash, subject to final closing adjustments. The transaction is subject to customary closing conditions including regulatory approvals and is expected to close in mid-2024.

As on April 4, 2024, the acquisition has been notified to the Competition and Consumer Protection Commission for approval. Matthew Foster, Victoria Scopes, Dominic Stuttaford and Matt Findley from Norton Rose Fulbright LLP acted as legal advisors to Probitas Holdings (Bermuda) Limited. James Mee from Reynolds Porter Chamberlain acted as legal advisor to Aviva plc (LSE:AV.).

Wilkie Farr & Gallagher (UK) LLP led by Melanie James, Tim Baumgartner, Rahul Saha and Jane Scobie acted as legal advisor to Saudi Reinsurance Company for the transaction. Oppenheimer Europe Ltd. acted as financial advisor to Saudi Reinsurance Company.