The deal, which was first announced earlier this month, will see Direct Line shareholders receive 0.2867 new Aviva shares, 129.7 pence in cash and up to 5 pence in the form of a dividend, Aviva said.
The takeover represents Aviva CEO Amanda Blanc's biggest acquisition to date, as she tries to expand in the company's core markets of Britain, Canada and Ireland after selling a series of overseas assets to simplify the business.
The combined company will shed between 5-7% of its total workforce as it eliminates overlapping roles, putting up to 2,300 jobs at risk, with the cuts spread over three years, the companies said.
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The debate if it is a blessing or a Frankenstein rages on
