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HBOS acquires Lex Vehicle Leasing

Aviva has sold 50% of its stake in Lex Vehicle Leasing to HBOS, it’s 50:50 joint venture partner in LVL, for £226.8 million in cash.

HBOS will take full ownership of LVL on May 31.

Aviva acquired its 50% stake in LVL as part of its acquisition of RAC last year. Under the terms of the LVL joint venture agreement, the change of control of RAC provided HBOS with the right to acquire Aviva’s 50% interest in LVL.

Aviva and HBOS jointly appointed PricewaterhouseCoopers to act as an independent expert to determine the fair market value of Aviva’s 50% stake in LVL in accordance with the agreement.

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