Trio acts on Japanese insurer Nippon Life’s largest buy

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Latham & Watkins, Wachtell, Lipton, Rosen & Katz and Debevoise & Plimpton have landed key roles in Nippon Life Insurance’s USD3.8 billion acquisition of a 20% stake in US peer Corebridge Financial from American International Group (AIG).

This marks the largest acquisition yet by the Japanese insurer, which would pay USD31.47 per share for the 20% stake, Nikkei Asia reported.

Latham is acting for Nippon Life in the transaction, with the US firm’s team being led by Tokyo partner Hiroaki Takagi together with Chicago partners Bradley Faris and Jason Morelli.

On the other side of the negotiation table, Wachtell is providing advice to AIG with its team being led by partners Edward Herlihy, David Lam and Mark Stagliano on the stake sale. Advising on the target side is Debevoise whose team, led by partners Eric Juergens and Paul Rodel, is advising Corebridge Financial on the deal.

The deal, which is expected to be concluded by February next year, will see the conversion of Corebridge into an equity-method affiliate, according to Nikkei Asia.

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