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Aviva agrees to buy U.K. insurer Direct Line for £3.7 billion

  • Aviva has agreed to buy Direct Line for £3.7 billion in a cash-and-stock deal, creating the UK's largest home and motor insurer.
  • The agreement was reached in early December, with Direct Line's CEO Adam Winslow focusing on improving the company.
  • Aviva's CEO Amanda Blanc described the deal as 'excellent news.'
  • The merger is expected to be completed in the middle of next year after a shareholder vote in March.
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