FRANKFURT (Reuters) -A consortium that includes Allianz, BlackRock and T&D Holdings are investing in Viridium Group in a 3.5 billion euro ($3.82 billion) deal that will see the private equity company Cinven exit as a majority investor, the companies said on Wednesday.

Viridium is a company that specializes in buying existing life insurance portfolios, and it will continue to operate as a stand-alone platform.

The sale has been in the works for months and Reuters reported last week that a deal was near.

T&D, a Japanese insurer, will hold the biggest share. Generali and Hannover Re , which were already investors, will remain shareholders.

“The consortium is structured to also enable the addition of other long-term financial investors,” the companies said.

($1 = 0.9168 euros)

(Reporting by Tom Sims and Alexander Huebner; editing by Matthias Williams and Madeline Chambers)