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.
The Singlife consortium includes San Francisco-based private equity firm TPG, (which will become the largest shareholder in the new group on completion), Japanese insurer Sumitomo Life and other existing Singlife shareholders.
The new business will be branded as Aviva Singlife, and be valued at S$3.2 billion, making it one of the largest in the insurance sector in Southeast Asia, and the largest in Singapore.
Slaughter’s team was led by corporate partners Richard Smith and Claire Jackson. Aviva’s in-house legal team was led by general counsel group, digital and Asia, Neil Harrison.