70% of VIVAS Group to be acquired by Hibernian Group
VIVAS Group, the owner of VIVAS Health, today announced that agreement has been reached for 70% of its shares to be purchased by Hibernian Group.
VIVAS Health management and investment company, IIU, will sell their respective shareholdings to Hibernian Group.
The remaining 30% of shares will continue to be held by Allied Irish Banks.
This transaction will be subject to regulatory approval. An application for approval will be submitted to the Competition Authority and the Financial Regulator.
Commenting on today’s announcement, VIVAS Health CEO Oliver Tattan said: "The huge growth of VIVAS Health over the past three years demonstrates the demand for competition in this market.
"The Hibernian acquisition of VIVAS Health is an important next stage in the evolution of the company and the private health insurance market in Ireland.
"This deal represents very good news for VIVAS Health members, employees and the Irish consumer.
"The combined forces of VIVAS Health and Hibernian will enhance the overall level of competition in the private health insurance market. Hibernian is one of Ireland's largest and most successful financial institutions with activities spanning general insurance, risk management, pensions, life assurance and personal financial services.
"By combining forces, this will ensure that VIVAS Health’s current and future members continue to benefit from the highest levels of innovation and value available in the market."
VIVAS Health customer policies, healthcare provider contracts, and distribution agreements are unaffected by this transaction.
