A team from the Hong Kong, New York, Washington D.C. and London offices of Debevoise & Plimpton LLP has advised AXA in the sale by AXA of its Mandatory Provident Fund (MPF) and Occupational Retirement Schemes Ordinance (ORSO) business in Hong Kong to Principal Financial Group (The Principal).
Debevoise also advised AXA on a related 15-year exclusive distribution arrangement with The Principal in Hong Kong for relevant MPF and ORSO mandatory schemes. The total cash consideration amounted to HK$ 2.6 billion (€296 million).
The transaction was completed on September 1, 2015.
The sale is the first significant sale of an MPF business in Hong Kong and is expected to set a precedent for consolidation in the industry.
The AXA Group is a worldwide leader in insurance and asset management, with 157,000 employees serving 102 million clients in 56 countries.
The Debevoise team was led by partner E. Drew Dutton and associate Ed Northover, and included partners John M. Vasily, Richard Ward and Satish M. Kini, international counsel Philip Rohlik, and associates Danielle de Zorzi, Parveet Singh Gandoak, James Olsen, Ceinwen Rees and Jayne So.
Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.