A global team from Debevoise & Plimpton, led from Hong Kong, has advised Resolution Life in its A$3.3 billion (US$2.3 billion) acquisition of the Australian and New Zealand wealth protection and mature businesses of AMP Limited.
The transaction is a cash and non-cash deal, comprising A$1.9 billion in cash, A$300 million in AT1 preference shares in AMP Life, and A$1.1 billion in non-cash consideration. Subject to regulatory approvals, the transaction is expected to complete in the second half of 2019.
AMP is a wealth management company which offers solutions and services across financial advice, investment management, banking, superannuation, self-managed superannuation funds, life insurance, retirement income and investing.
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Resolution Life is an international insurance and reinsurance group founded by insurance industry veteran Sir Clive Cowdery. Since 2003, various Resolution entities have committed A$13.6 billion of equity in the acquisition, reinsurance, consolidation and management of 27 life insurance companies.
The team advising Resolution Life was led by Hong Kong partner Edwin Northover, and included international counsel Allison Lee and associates Jayne So and Jan Buschmann (Hong Kong), partner Alex Cochran, counsel Judith Church and Emilie Hsu and associate Kristen Matthews (New York), and partners Alan Davies and Thomas Smith with associates Nathalie Henderson-Stewart, Anna Moore and Patrick Dixon (London).
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