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Aviva agrees to possible $8.8 billion deal to buy Friends Life

A man walks past an AVIVA logo outside the company's head office in the city of London March 5, 2009. REUTERS/Stephen Hird

(Reuters) - Insurer Aviva Plc (AV.L) said it had reached agreement on a possible deal to buy Friends Life Group Plc (FLG.L) for 5.6 billion pounds ($8.8 billion) in stock.

Under the terms of the possible offer, Aviva would offer Friends Life shareholders 0.74 shares for each Friends Life share.

The deal indicates a value of about 398.9 pence per Friends Life share, a 15 percent premium to the stock's Friday close.

Friends Life shareholders would also receive an amount in cash equal to any Friends Life final dividend for the 2014 financial year.

(Reporting by Roshni Menon in Bangalore; Editing by Saumyadeb Chakrabarty)

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