British insurer Aviva said it expected to pocket 1.2 billion euros ($1.79 billion) from the partial stock market flotation of Dutch subsidiary Delta Lloyd, financing growth opportunities including possible acquisitions.
Unveiling full details of the initial public offering, Aviva said on Monday that Delta Lloyd shares will be offered on Euronext's Amsterdam exchange at between 15.5 and 19 euros each, valuing the business at 2.6 to 3.1 billion euros.
About 42 percent of Delta's shares will be sold, leaving Aviva as the group's biggest investor with a 57 percent stake.
This step, which will be the largest IPO in western Europe this year, will free up capital for us to use elsewhere and give us the option of exploring further growth opportunities, Aviva chief executive Andrew Moss said in a statement.
(Reporting by Myles Neligan, editing by Paul Hoskins)