A consortium consisting of BlackRock (BLK), Allianz, and T&D Holdings will acquire Viridium Group from Cinven for 3.5 billion euros ($3.82 billion), Allianz said Wednesday in a news release.

After the deal is closed, which is expected to occur in the second half of the year, Viridium will continue to operate as an independent, standalone platform, managing closed life insurance portfolios, Allianz said.