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Friends Life partnership sells $242 mln of Aviva shares - source

Reuters - UK Focus

LONDON, March 31 (Reuters) - The Friends Life "Value Share (LSE: SHRE.L - news) " partnership has sold 163.86 million pounds ($242.3 million) of shares in Aviva (Other OTC: AIVAF - news) , 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. ($1 = 0.6763 British Pounds) (Reporting By Freya Berry, editing by Sinead Cruise)