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FRANKFURT (Reuters) -A consortium that includes Allianz (ALV.DE), BlackRock (BLK) and T&D Holdings (8795.T) are investing in Viridium Group in a 3.5 billion euro ($3.82 billion) deal that will see the private equity company Cinven exit as a majority investor, the companies said on Wednesday.
Viridium is a company that specializes in buying existing life insurance portfolios, and it will continue to operate as a stand-alone platform.
The sale has been in the works for months and Reuters reported last week that a deal was near.
T&D, a Japanese insurer, will hold the biggest share. Generali (G.MI) and Hannover Re (HNR1.DE), which were already investors, will remain shareholders.
"The consortium is structured to also enable the addition of other long-term financial investors," the companies said.
($1 = 0.9168 euros)
(Reporting by Tom Sims and Alexander Huebner; editing by Matthias Williams and Madeline Chambers)