Slaughter and May advised British insurance company Aviva on the S$2.7billion (US$1.98 billion) sale of a majority shareholding in its Singapore branch to a consortium led by technology-focused insurer Singapore Life, which recently rebranded as Singlife.
Singapore firm Allen & Gledhill advised Aviva on the Singapore law aspects of the transaction.
The transaction is subject to meeting customary closing conditions, including regulatory approval, and is expected to close by January next year. The total consideration comprised S$2billion (US$1.47 billion) in cash and marketable cash instruments, S$250 million in vendor finance notes and a 25% shareholding in the newly combined group.
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