Debevoise Advises Resolution Life in AUS$3.3 Billion AMP Life Acquisition

26 October 2018

A global team from Debevoise & Plimpton, led from Hong Kong, has advised Resolution Life in its AUS$3.3 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 of AUS$1.9 billion in cash, AUS$300 million in AT1 preference shares in AMP Life, and AUS$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.

Resolution Life is an international insurance and reinsurance group founded by insurance industry veteran Sir Clive Cowdery. Since 2003, various Resolution entities have committed $13.6bn of equity in the acquisition, reinsurance, consolidation and management of 27 life insurance companies. Together, these companies have served the needs of 10 million policyholders while managing over $300bn of assets.

The Debevoise team advising Resolution Life was led by Hong Kong partner Edwin Northover. The team 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 A. Matthews (New York), and partners Alan Davies and Thomas Smith, with associates Nathalie Henderson-Stewart, Anna Moore and Patrick Dixon (London).

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.