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U.S. investment firm Guggenheim Partners is in exclusive talks to acquire the U.S. arm of U.K. insurer Aviva PLC (AV.LN), the Sunday Telegraph reports without citing sources.
The newspaper says Guggenheim's life unit, working with Apollo Global Management LLC, has beaten competition from Harbinger Capital Partners, the hedge fund whose investment strategy is run by Philip Falcone, which was also bidding for the business.
Aviva put its U.S. business up for sale earlier this year as part of a broader restructuring program which has also involved significant headcount reduction.
Representatives of Aviva and couldn't be reached for comment Sunday.
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