Ageas Insurance International, a manager of funds, trusts, and foundations organized for purposes other than religious, educational, charitable or nonprofit research, agreed to acquire a 40% stake in Avivax Emeklilik ve Hayat, a joint venture between insurance firms Aviva and Sabancı, for £122m ($172m). Sabancı will retain its 40% shareholding in a JV. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to complete in 2021. In March 2014, Aviva sold its Turkish general insurance business Aviva Sigorta to a private equity consortium led by EMF Capital Partners.