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Friends Life partnership sells 163.9 million pounds of Aviva shares - source

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

LONDON (Reuters) - The Friends Life (FLG.L) "Value Share" partnership has sold 163.9 million pounds ($242.3 million) of shares in Aviva (AV.L), a source familiar with the matter said on Tuesday.

The sale of 30.8 million Aviva shares was priced at 532 pence each, the source said.

"Value Share" is a partnership structure created by Friends Life in order to reward its founders. Aviva announced the purchase of Friends Life for 5.6 billion pounds last year.

"The seller received Aviva shares as consideration for the merger, and has now decided to sell," the source said.

(Reporting By Freya Berry, editing by Sinead Cruise)